Bank of America Corp reaches comprehensive settlement with U.S. department of justice and state attorneys general to resolve mortgage-related litigations and investigations

Thursday, 21 Aug 2014 09:04am EDT 

Bank of America Corp:Reached comprehensive settlement with U.S. Department of Justice (DoJ), certain federal agencies and six states.Claims relate primarily to conduct that occurred at Countrywide and Merrill Lynch prior to Bank of America's acquisition of those entities.Bank of America will pay total of $9.65 bln in cash and provide about $7.0 bln worth of consumer relief.Cash portion consists of $5.02 bln civil monetary penalty and $4.63 bln in compensatory remediation payments.Says settlement expected to reduce Q3-14 Pretax earnings by $5.3 bln and negatively impact EPS by about $0.43 per Share. 

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24 Nov 2014