Nation & World News

Bank Of America ‘Close’ To Settlement With Justice Department

By 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.

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

This entry was posted in News from NPR. Bookmark the permalink.

Comments are closed.

 

More Stories in News from NPR

Five members of the Friendship Nine (L-R) Willie Thomas Massey, Willie, E. McCleod, James F. Wells, Clarence Graham and David Williamson, Jr. sit at the lunch counter at Five & Dine diner in Rock Hill, S.C. on Dec. 17, 2014. A judge in South Carolina has thrown out the convictions of the Friendship 9, nine black men who integrated a whites-only lunch counter in 1961.

Judge Throws Out Friendship 9’s Civil Rights-Era Conviction

The nine men integrated a whites-only lunch counter in Rock Hill, S.C., in 1961, and refused to pay a fine. Their “jail, no bail” strategy became a rallying cry against Jim Crow.


The London 2012 Olympic Stadium at sunset at the Olympic Park in London. The Smithsonian Institution is working to establish its first international museum outpost in London as that city redevelops its Olympic park.

Smithsonian In Talks Over London Outpost — Its First Overseas

If negotiations are successful, the Smithsonian would join other attractions at the site of London’s Olympic Park.


Passersby watch a TV news program Wednesday in Tokyo reporting on a video posted on YouTube by extremists that purports to show Japanese hostage Kenji Goto.

Jordan Says It’s Willing To Swap Prisoner For Hostage Held By ISIS

A video released by the Islamic militants demanded the release of the convicted terrorist within 24 hours, or two hostages — a Jordanian military pilot and a Japanese journalist — would be killed.


Officers Ask Map App To Remove Police Tracking

In the aftermath of the shooting death of two NYPD officers, law enforcement officials are asking the popular navigation app Waze to remove a feature that allows users to see officers’ locations.


Francisco Fernandez de Alba skis along a recently plowed road during a snowstorm in Providence, R.I., Tuesday. Parts of the state were buried under nearly two feet of snow by early Tuesday afternoon, and more was on the way.

Winter Storm Winds Down, But Blizzard Conditions Persist

Blizzard warnings were declared from Rhode Island to parts of New Hampshire and Maine Tuesday. Since Sunday, parts of Connecticut and Massachusetts have had more than two feet of snow.


Thank you for your support

WUFT depends on the support of our community — people like you — to help us continue to provide quality programming to North Central Florida.
Become a Sustainer
I want to support FM 89.1/NPR
I want to support Florida's 5/PBS
Donate a Vehicle
Day Sponsorship Payments
Underwriting Payments