Worthy Christian News » Bank of America Offers U.S. Biggest Settlement in History

christian news

Worthy Christian News » Bank of America Offers U.S. Biggest Settlement in History

NEW YORK (Worthy News)– The largest single federal settlement in history, more than $16 billion, took place yesterday when Bank of America agreed to settle with the Federal government over toxic mortgage securities.

The tentative deal — which people briefed on the matter said would cost Bank of America more than $16 billion to settle investigations into its sale of toxic mortgage securities — started to take shape last week after the Justice Department rejected yet another settlement offer from the bank. Then, a wild card entered the fray.

Judge Jed S. Rakoff, a longtime thorn in the side of Wall Street and Washington, issued an unexpected ruling in another Bank of America case that eroded what was left of the bank’s negotiating leverage. Judge Rakoff, of Federal District Court in Manhattan, ordered the bank to pay nearly $1.3 billion for selling 17,600 loans, many of which were defective. Bank of America had previously lost that case, which involved its Countrywide Financial unit, at a jury trial. — Source

Copyright 1999-2014 Worthy News. All rights reserved.

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

2 Comments on this post.

Leave a Reply

  • John Reid
    7 August 2014 at 2:51 am - Reply

    thats just a drop in the bucket compared to what they stole

  • Tama Ferrell
    7 August 2014 at 6:13 am - Reply
  • Make us your homepage

    What is Worthy News?

    Worthy News is an independent Christian news agency which reports news not covered by other outlets, on key developments in a rapidly changing world. Worthy News reaches both Christians and non-Christians around the globe and strives to be balanced and make a difference in these strategic times.

    Worthy News. Reliable-Trustworthy-Cutting Edge

    Recommended Links

  • Editor’s Picks

  • Latest News

  • Most Read This Month

  • Most Read Today


  • 1999-2014 Worthy Christian News » Bank of America Offers U.S. Biggest Settlement in History