Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Turkish Airport Blasts

Read more

EYE ON AFRICA

France indicted for support of ex-Chad dictator Hissene Habre

Read more

THE DEBATE

The big breakup: The EU after Brexit

Read more

FOCUS

France struggling to recruit prison imams

Read more

ENCORE!

Brazil’s contemporary art star Vik Muniz comes to Paris

Read more

FASHION

Men's fashion for summer 2017, part 1

Read more

ENCORE!

Music show: Metronomy, Celine Dion, Snoop Dogg and Jazz

Read more

TALKING EUROPE

UK votes to leave the EU: What now? (part 2)

Read more

IN THE PAPERS

'Iceland: How far will they go?'

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)