Key Developments: Bank of America Corp (BAC.N)

BAC.N on New York Stock Exchange

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2 Jul 2015
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Latest Key Developments (Source: Significant Developments)

Bank of America declares quarterly dividend on Series L and Series Y Preferred Stock
Friday, 19 Jun 2015 09:00am EDT 

Bank of America Corp:Authorized a regular quarterly cash dividend of $18.125 per share on the 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L.The dividend is payable on July 30 to shareholders of record as of July 1.Board also authorized a regular quarterly cash dividend of $0.40625 per depositary share on the 6.50 percent Non-Cumulative Preferred Stock, Series Y.The dividend is payable on July 27 to shareholders of record as of July 1.  Full Article

Global banks including Bank of America Corp admit guilt in forex probe, fined nearly $6 billion - Reuters
Wednesday, 20 May 2015 06:28pm EDT 

Bank of America Corp:Four banks pleaded guilty to trying to manipulate foreign exchange rates and, with two others, were fined nearly $6 billion in another settlement in a global probe - Reuters.Citigroup, JPMorgan Chase, Barclays Plc, UBS AG and Royal Bank of Scotland Plc were accused by U.S. and UK officials of brazenly cheating clients to boost their own profits using invitation-only chat rooms and coded language to coordinate their trades.All but UBS pleaded guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the FX spot market.UBS pleaded guilty to a different charge.Bank of America Corp was fined but avoided a guilty plea over the actions of its traders in chatrooms.The misconduct occurred until 2013, after regulators started punishing banks for rigging the London interbank offered rate (Libor).The settlements stood out in part because the U.S. Department of Justice forced Citigroup's main banking unit Citicorp, and the parents of JPMorgan, Barclays and Royal Bank of Scotland to plead guilty to U.S. criminal charges.The U.S. central bank fined six banks for unsafe and unsound practices in the foreign exchange markets, including a $205 million fine for Bank of America.  Full Article

UK watchdog fines Bank of America Corp's Merrill Lynch $20 million for reporting failures - Reuters
Wednesday, 22 Apr 2015 06:25am EDT 

Bank of America Corp:Britain's markets regulator has fined Bank of America Merrill Lynch a record 13.2 million Pounds ($20 million) for failing to report transactions properly over seven years - Reuters.The Financial Conduct Authority (FCA) said that Bank of America's Merrill Lynch International arm incorrectly reported 35 million transactions and failed to report another 121,387 transactions between Nov. 2007 and Nov. 2014.The fine follows a private warning to the bank in 2002 and a fine of 150,000 pounds in 2006.  Full Article

Bank of America Corp declares quarterly stock dividends
Thursday, 16 Apr 2015 04:30pm EDT 

Bank of America Corp:Declares a regular quarterly cash dividend on Bank of America common stock of $0.05 per share.Payable June 26 to shareholders of record as of June 5.Declared a regular quarterly cash dividend of $1.75 per share on the 7 percent Cumulative Redeemable Preferred Stock, Series B.payable July 24 to shareholders of record as of July 10.  Full Article

Bank of America Corp settles currency-rigging lawsuit - Reuters
Thursday, 16 Apr 2015 12:03pm EDT 

Bank of America Corp:Has settled its portion of a U.S. antitrust lawsuit in which investors accused 12 banks of rigging prices in the foreign exchange market - Reuters.The settlement with the U.S. bank was disclosed by Scott & Scott, a law firm for the investors.Terms were not disclosed.Scott & Scott said Bank of America's settlement will 'mirror' the earlier accords, and that the bank will cooperate with investors in the remaining litigation.U.S. and European regulators are also probing currency trading.The settlement resolves claims that Bank of America conspired with rivals to manipulate the WM/Reuters Closing Spot Rates, known as the Fix, in chat rooms, instant messages and emails.Investors, including hedge funds and pension funds, said the 12 banks controlled 84.3 pct of the global currency trading market in 2013.According to the investors, traders used disguised names to rig currency prices through practices referred to as 'front running,' 'banging the close' and 'painting the screen,' and chat rooms called 'The Cartel,' 'The Bandits' Club,' 'The Mafia' and 'One Team, One Dream.  Full Article

Bank of America declares quarterly dividend on Series L Preferred Stock, Series Y Preferred Stock and Series Z Preferred Stock
Wednesday, 18 Mar 2015 02:00pm EDT 

Bank of America Corp:Declares a regular quarterly cash dividend of $18.125 per share on the 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L.Payable on April 30 to shareholders of record as of April 1.Authorizes a regular quarterly cash dividend of $0.40625 per share on the 6.50 percent Non-Cumulative Preferred Stock, Series Y.Payable on April 27 to shareholders of record as of April 1.Declares a regular quarterly cash dividend of $32.50 per share on the Fixed-to-floating Rate Non-Cumulative Preferred Stock, Series Z.Payable on April 23 to shareholders of record as of April 1.  Full Article

Bank of America Corp authorizes a $4 bln common stock repurchase program
Wednesday, 11 Mar 2015 04:50pm EDT 

Bank of America Corp:Federal Reserve Board (Fed) has informed the company that it completed its 2015 Comprehensive Capital Analysis and Review and it did not object to the company's capital plan for the period from the second quarter of 2015 through the second quarter of 2016.Says this plan includes the $4 bln stock repurchase program and maintaining the common stock dividend at the current rate of $0.05 per share per quarter.Fed also asked Bank of America to submit an additional capital plan by Sept. 30, addressing certain weaknesses identified in the company's capital planning process.If Bank of America does not make material progress in addressing these key weaknesses, the Fed may restrict the company's capital distributions.  Full Article

Bank of America Corp's $8.5 bln mortgage bond settlement wins approval - Reuters
Thursday, 5 Mar 2015 01:11pm EST 

Bank of America Corp:A New York state appeals court on March 5 approved Bank of America Corp's $8.5 bln settlement with mortgage securities investors in its entirety - Reuters.The decision by the Appellate Division in Manhattan likely resolved one of the U.S. bank's legal liabilities related to the financial crisis.Bank of America had agreed to the 2011 settlement with 22 institutional investors including BlackRock Inc, MetLife Inc and Allianz SE's Pacific Investment Management Co to resolve claims over $174 bln of mortgage securities issued by the former Countrywide Financial Corp.Many of these securities went into default after Bank of America bought Countrywide in 2008, leading to huge losses.But some investors claimed the settlement shortchanged them.They said Bank of New York Mellon Corp, which negotiated the accord as trustee for 530 trusts involved in the case, did not work hard enough to recover more money.In Thursday's decision, Justice David Saxe wrote for a five-judge panel that Bank of New York Mellon did not abuse its discretion in arranging the settlement.The court also said Barbara Kapnick, a state judge who approved most of the accord in January 2014, erred in excluding claims by investors regarding loan modifications on the ground that the trustee didn't properly investigate their strength.The $8.5 bln accord is separate from Bank of America's $16.65 bln mortgage settlement last August with federal and state authorities.  Full Article

Bank of America Corp in $300 mln Fontainebleau Las Vegas settlement - Reuters
Wednesday, 25 Feb 2015 08:00pm EST 

Bank of America Corp:Says it reached a $300 mln settlement of a lawsuit brought by lenders that helped finance construction of the failed Fontainebleau Resort and Casino in Las Vegas, which filed for bankruptcy protection in June 2009 - Reuters.The company, which had arranged a $1.85 bln credit facility, was accused of funneling money into Fontainebleau long after it should have known that financial prospects for the projected $2.9 bln project were worsening.Lenders said the company kept making such disbursements even after it became plain that the global financial crisis was imperiling the project.Bank of America ultimately stopped funding construction after discovering alleged cost overruns.  Full Article

Bank of America Corp declares quarterly stock dividends
Tuesday, 10 Feb 2015 03:30pm EST 

Bank of America Corp:Declared a regular quarterly cash dividend on Bank of America common stock of $0.05 per share.Payable March 27 to shareholders of record as of March 6.Also declared a regular quarterly cash dividend of $1.75 per share on the 7 percent Cumulative Redeemable Preferred Stock, Series B.Payable April 24 to shareholders of record as of April 10.  Full Article

MOVES-Bill Murphy joins global equities prime brokerage team at BofA

July 2 - Bank of America Merrill Lynch said it made three appointments to its global equities prime brokerage division this week.

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