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Bank of America to pay $16.65b record fine in US
Bank of America's agreed US$16.65b payment is 'the largest civil settlement with a single entity in American history', according to Attorney General Eric Holder.
Bank of America has been fined a record amount for mis-selling Rob Wilson
The bank is paying the sum as a result of an agreement with the Department of Justice and other authorities. It related to the mis-selling of mortgage-backed securities. The bank has confessed to ‘repeated failures’ over disclosure duties to investors. Some US$7b of the payment will go as consumer relief and will include reducing the debts of mortgagees in negative equity. Source: Financial Times
