Bank of America News

N.Y. Court Says BofA, Countrywide Merger Communications Must Be Disclosed

New York’s highest court ruled on June 9 that Bank of America must disclose to an insurer communications it had with Countrywide Financial six months before the bank bought the mortgage lending company in 2008. The insurer, Ambac Assurance Corp., …

Russia Cracks Down on Financial Hacking Ring, Raiding Moscow Office: Sources

Russian authorities in November raided offices associated with a Moscow film distribution and production company as part of a crackdown on one of the world’s most notorious financial hacking operations, according to three sources with knowledge of the matter. Cyber …

Reuters Special Report: U.S. Banks Book Trades Abroad to Bypass U.S. Regulation

This spring, traders and analysts working deep in the global swaps markets began picking up peculiar readings: Hundreds of billions of dollars of trades by U.S. banks had seemingly vanished. “We saw strange things in the data,” said Chris Barnes, …

Insurance Lawsuit Settled by Bank of America For $31M

Bank of America has agreed to pay $31 million to settle a class action lawsuit that claims mortgage borrowers were forced to maintain excessive flood insurance coverage. The Oregonian reports Friday that U.S. District Court Judge Michael Simon approved the …

New York to Receive $800M in Bank of America Settlement

New York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, New York Attorney General …

Female Bank Robbery Conspirator Charged With Workers’ Comp Fraud

Aurora Barrera, 33, of Downey was arrested on charges related to her allegedly submitting a fraudulent workers’ compensation claim for treatment of post-traumatic stress disorder associated with a robbery, she assisted in staging – at a bank where she worked …

Los Angeles City Attorney Sues Bank Of America Over Lending

The Los Angeles city attorney is suing Bank of America for mortgage discrimination it claims led to a wave of foreclosures that cost the city a fortune in extra expenses and lost taxes. The suit, filed Friday in federal court, …

Judge Dismisses Suit Against Bank of America For Not Disclosing AIG Claims

Bank of America Corp. has won the dismissal of an unusual lawsuit in which shareholders accused it of concealing a $10 billion fraud case brought by American International Group Inc. In a decision made public on Monday, U.S. District Judge …

MBIA, Bank of America Reach $1.6 Billion Settlement

Bank of America Corp. has agreed to pay $1.6 billion in cash to MBIA Inc. and will receive the right to buy a 4.9 percent stake in the bond insurer to resolve long-running litigation, the companies said on Monday. Bank …

AIG Wins Bid to Move $10B Bank of America Mortgage Lawsuit

A federal appeals court ruled in favor of American International Group Inc by concluding that the insurer’s $10 billion lawsuit against Bank of America Corp over mortgage losses belongs in state court, not federal court. The 2nd U.S. Circuit Court …