Bank Of America ‘Close’ To Settlement With Justice Department
Dana Farrington on August 6th, 2014
Bank of America and the Justice department are “close” to finalizing a settlement of $16 billion to $17 billion over allegations of mortgage-related abuses.
The Wall Street Journal first reported on the outlines of a deal, which was then confirmed to NPR by a source familiar with the talks.
A final announcement may come next week or later, NPR’s Jim Zarroli reports for our Newscast Desk.
“Such a settlement would outstrip the penalty paid by JPMorgan Chase last year for similar allegations,” Zarroli says. He adds, “Much of the alleged misconduct took place in the years leading up to the financial crisis.”
A settlement would end “months of on-again off-again negotiations between the Justice Department and Bank of America, The New York Times reports.
The paper reminds us that the bank “has already paid more than $50 billion to settle lawsuits by private investors and regulators largely related to its Countrywide Financial and Merrill Lynch units.”
NPR’s source says some details have not been worked out yet and that the deal could still fall apart.
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Pyongyang said it welcomed the attack on Mark Lippert, who was assaulted in Seoul by a knife-wielding political activist who said he opposed joint U.S.-South Korea military exercises.
The State Department says it will review thousands of messages for possible release. Clinton announced her intentions Wednesday, after a House panel issued a subpoena for some of the emails.
Changes to workers’ compensation laws mean families and government bear more of the costs that result from injuries on the job.
The bill freezes funding at current levels for four years, and lets some pets ride the rails with their owners. It also separates the high-ridership Northeast Corridor from the rest of the system.
State Department Spokeswoman Marie Harf said the motivation for the attack on Mark Lippert is unknown. The injuries, Harf said, are not life-threatening.