Bank of America - $17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities
Time: Aug, 2014
Place: U.S.
Details: In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds, and municipalities.
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