Bank of America reaches $16.65 billion settlement with DOJ

[JURIST] The US Department of Justice (DOJ) [official website] on Thursday announced a $16.65 billion settlement [press release] with Bank of America (BOA) [corporate website] to settle claims that it sold precarious mortgage-backed securities to investors. Of the $16.65 billion, $9.65 billion will be split among federal and state entities while the remaining $7 billion will be paid to consumers harmed by BOA and Countrywide Financial’s contribution to the 2008 financial crisis. Attorney General Eric Holder [official profile] said that…

Source: http://jurist.org/paperchase/2014/08/bank-of-america-reaches-1665-billion-settlement-with-doj.php

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