Bank of America Will Pay $16.65 Billion to Settle Fraud Charges
On August 21, 2014, the U.S. Department of Justice (“DOJ”) announced a $16.65 billion settlement with Bank of America in connection with charges of financial fraud in the lead-up to and during the financial crisis. According to the DOJ press release, the settlement represents “the largest civil settlement with a single entity in American history.”
The settlement resolves federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. Bank of America agreed to pay a $5 billion penalty and to provide the remainder of the settlement funds in the form of relief to distressed homeowners. The settlement does not release individuals from civil claims and does not absolve Bank of America or any subsidiaries, affiliates, or individuals from potential criminal prosecution.Share This
The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.