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Bank of America settlement provides windfall for poor
Around $30 million of the $7 billionlevied on the Bank of America last week in a settlement over flawed mortgage securities will be allocated to a public interest initiative.
Bank of America's fine will help poorer Americans get justice Ken Wolter
The programme, which is run in 50 US states and the US Virgin Islands, allocates interest generated from client funds being held by lawyers to civil legal services providers in that state. Known as the Interest on Lawyers Trust Accounts (IOLTA), it will see aound $200,000 for each state with the rest of the $30 million divided state by state, depending on the percentage of people living in poverty, according to the Washington Post.
