Key Developments: Bank of America Corp (BAC)

BAC on New York Consolidated

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6 Mar 2015
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Latest Key Developments (Source: Significant Developments)

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.  Full Article

Bank of America declares Series B preferred dividend
Wednesday, 6 Aug 2014 12:30pm EDT 

Bank of America:Declares regular quarterly cash dividend of $1.75 per share on seven pct Cumulative Redeemable Preferred Stock, Series B.Payable Oct. 24 to Series B shareholders of record as of Oct. 10.  Full Article

Bank of America increases quarterly common stock dividend to $0.05 per Share
Wednesday, 6 Aug 2014 09:15am EDT 

Bank of America:Approved an increase in the quarterly common stock dividend to $0.05 per share from $0.01 per share.Payable Sept. 26 to shareholders of record as of Sept. 5.  Full Article

American International Group announces settlement with Bank of America on residential mortgage related disputes
Wednesday, 16 Jul 2014 07:00am EDT 

American International Group Inc:Reaches a global resolution of its residential mortgage related disputes with Bank of America.Resolution includes its claims pending in New York and California federal courts related to the creation, offering, and sale of RMBS from which AIG and its subsidiaries suffered losses.Under the terms of the settlement, AIG will receive $650 mln in cash plus its pro rata share of whatever amount is ultimately paid out to investors in connection with the Countrywide repurchase settlement.Parties have agreed to resolve the outstanding mortgage guaranty claims disputes in accordance with agreed-to claims processes and payment formulae.  Full Article

Bank of America Corp declares quarterly stock dividends
Wednesday, 18 Jun 2014 05:54pm EDT 

Bank of America Corp:Declares regular quarterly cash dividend on Bank of America common stock of $0.01 per share, payable June 30 to shareholders of record as of June 24.Also declared regular quarterly cash dividend of $1.75 per share on 7 percent Cumulative Redeemable Preferred Stock, Series B.Dividend is payable July 25 to shareholders of record as of July 11.Also declared a regular quarterly cash dividend of $18.125 per share on the 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L.Dividend is payable on July 30 to shareholders of record as of July 1.  Full Article

Bank of America Corporation and its related bodies corporate ceases to be substantial holder of Red Fork Energy Ltd
Tuesday, 17 Jun 2014 05:01am EDT 

Red Fork Energy Ltd:Says Bank of America Corporation and its related bodies corporate has ceased to be the substantial holder of the company.  Full Article

Bank of America Corp's subsidiary MBNA Limited launches simple, new low rate credit card
Tuesday, 3 Jun 2014 07:30am EDT 

Bank of America Corp:Says MBNA Limited is a wholly owned subsidiary of Bank of America Corporation launches simple, low rate credit card for eligible new customers offering a single low rate, no balance transfer or money transfer fees and no annual fee.Says new MBNA Low Rate Credit Card comes with a low rate of 6.5 pct p.a. on balance transfers and also money transfers which allow customers to transfer some of their credit limit into their current account.Says this card is designed for everyday spending or larger purchases.Low rate offered is not a promotional rate; therefore, balances will not default to a higher standard rate after a fixed period.There is no promotional window within which transfers[3] need to be made and the product offers all the flexibility and protection of a traditional credit card.  Full Article

Klayman & Toskes and Carlo Law Offices file claim against Bank of America Corp's Merrill Lynch
Tuesday, 20 May 2014 10:26am EDT 

Bank of America Corp:Securities Arbitration Law Firm of Klayman & Toskes, P.A., together with Carlo Law Offices, P.S.C. located in Puerto Rico, files claim against Merrill Lynch, a division of Bank of America.Files on behalf of a group of investors from Puerto Rico.The claim, filed with FINRA's arbitration department, seeks to recover losses sustained in Puerto Rico closed end bond funds (CEBFs), Puerto Rico Fixed Income Fund III and Puerto Rico Investors Tax Free Fund II, as well as Puerto Rico Government Bonds (PRGBs).  Full Article

Bank of America Corp to pay $727 million to consumers over credit card practices-Business Standard
Wednesday, 9 Apr 2014 04:37pm EDT 

Bank of America Corp:Agreed to pay nearly $800 million in fines and restitution to settle allegations of deceptive marketing and unfair billing involving credit card products, US regulators said-Business Standard.The Consumer Financial Protection Bureau and Office of the Comptroller of the currency said they had ordered the bank to pay $727 million in relief to consumers to resolve problems with add-on products providing identity theft and payment protection products.The bank must also pay fines of $20 million to the bureau $25 million to the OCC.Bank of America neither admitted nor denied wrongdoing, the bureau said.  Full Article

Bank of America to increase quarterly common stock dividend to $0.05 per share and authorizes new $4 billion common stock repurchase program
Wednesday, 26 Mar 2014 04:36pm EDT 

Bank of America:Intends to increase quarterly common stock dividend to $0.05 per share, beginning in the second quarter of 2014.authorizes new $4.0 billion common stock repurchase program.This authorization, which covers both common stock and warrants, replaces the prior year's common stock repurchase program that expires on March 31.  Full Article

ON THE MOVE-BofA Merrill Lynch hires advisers from UBS

March 6 - Bank of America Corp's Merrill Lynch unit said it hired financial adviser Robert Debbs and his team from UBS Group AG for its Palm Beach, Florida office.

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