Bank of America News

Judge Orders Bank of America to Pay $540 Million in FDIC Lawsuit

A federal judge ordered Bank of America to pay $540.3 million in a long-running Federal Deposit Insurance Corporation lawsuit accusing the second-largest U.S. bank of underpaying what it owed for deposit insurance. In a decision made public on Monday, U.S. …

Bank of America Scraps Diversity Goals in Latest Wall Street DEI Retreat

Bank of America Corp. is rolling back workplace representation targets and replacing references to diversity, joining peers in citing legal changes under the Trump administration. The bank will no longer have “aspirational” goals for diversity and inclusion, which were referenced …

‘Hardening’ Property Catastrophe Market Enters ‘Hard’ Market Phase: Bank of America

European reinsurers will miss their earnings targets in 2022 – for the sixth year in a row – which is pressuring the industry to raise rates and continue improving the quality of their portfolios, according to a research report published …

16 Wall Street Firms Fined $1.8B for Talking Deals, Trades on Personal Apps

U.S. regulators on Tuesday fined 16 financial firms, including Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS, a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps. The sweeping …

New York Trial Begins in Bond Insurer Case Over Mortgage-Backed Securities

Bond insurer Ambac Financial Group Inc. cannot prove its $2.7 billion case against Bank of America over troubled mortgage-backed securities on evidence that BofA was a “bad actor” before the 2008 financial crisis, an attorney for the bank said on …

Ex-Bank Official in Massachusetts Gets Year in Prison for $1.5M Embezzlement

A former Bank of America manager who pleaded guilty to embezzling $1.5 million from a company that did business with the bank and using some of the money to buy a luxury Porsche SUV has been sentenced to a year …

Alex and Ani Jeweler Alleges Lending Gender Bias by Bank

A few short years ago, jewelry maker Alex and Ani LLC was the public example of a happy Bank of America Corp. customer. Now, it’s suing the lender for more than $1 billion in damages and alleging discrimination. The female-led …

Danish Prosecutors Charge Danske with Alleged Money Laundering Violations

Denmark’s state prosecutor has filed preliminary charges against Danske Bank for alleged violations of the country’s anti-money laundering act in relation to its Estonian branch. The country’s biggest lender was placed under investigation in August over concerns that transactions worth …

UK Companies’ Role in Alleged Danske Money Laundering a ‘Disgrace’: Whistleblower

British company structures which hide the identity of those behind them were branded a disgrace by the whistleblower who brought to light an alleged 200 billion euro ($228 billion) money laundering scandal involving Danske Bank. “The role of the United …

Update: Danske Whistleblower Says U.S., European Banks Helped Launder Money

The whistleblower who revealed alleged money laundering involving Danske Bank said on Monday that a major European bank helped process up to $150 billion in suspicious payments, or nearly two-thirds of the transactions under scrutiny. Howard Wilkinson, who was head …