Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Fashion, what's happened in 2014

Read more

FRANCE IN FOCUS

France: 2014 in review

Read more

#THE 51%

South Africa: Taking a stand against child marriage

Read more

DEBATE

The Future of the Book

Read more

DEBATE

The Future of the Book (part 2)

Read more

REPORTERS

France 24’s best documentaries of 2014

Read more

THE INTERVIEW

'We have to build a new Tunisia', says the president of the Tunisian Parliament

Read more

FACE-OFF

France on alert after attacks: a case of collective hysteria?

Read more

THE INTERVIEW

'Beijing needs to revaluate its policy in the Tibetan areas', says FM of the Tibetan government-in-exile

Read more

Americas

US reaches historic $16.7bn settlement with Bank of America

© Alex Wong, Getty Images, AFP I Attorney General Eric Holder

Text by NEWS WIRES

Latest update : 2014-08-21

Bank of America Corp has reached a $16.65 billion settlement with U.S. regulators to settle charges that it misled investors into buying troubled mortgage-backed securities.

The settlement announced on Thursday by the U.S. Department of Justice calls for the second-largest U.S. bank to pay a $9.65 billion cash penalty, and provide about $7 billion of relief to struggling borrowers.

It is expected to resolve the vast majority of the Charlotte, North Carolina-based bank’s remaining liabilities tied to its purchases of Countrywide Financial Corp, once the nation’s largest mortgage lender and Merrill Lynch & Co.

Bank of America said the accord is expected to reduce third-quarter earnings by about $5.3 billion before taxes, or about 43 cents per share after taxes.

(REUTERS)
 

Date created : 2014-08-21

  • FRANCE - USA

    BNP Paribas expects heavy US sanctions, admits 'mistakes'

    Read more

  • BANKING

    USA 'to fine BNP Paribas €7 billion' in sanctions probe

    Read more

COMMENT(S)