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Bank of America Record $17 Billion Settlement with Authorities

8/20/14 7:51 PM EDT
In the last year, it was Citigroup and JP Morgan Chase. Come Thursday, Bank of America may be the last of the nation's largest banks to settle with the Justice Department over bad loans made to investors in the lead up to the financial crisis. The bank is expected to agree to a settlement of $17 billion: Ten of which is payable by the bank in cash and another seven billion in consumer relief. CEO Brian Moynihan, who has spent the better part of his 4 and half year tenure at B of A wading through legal woes is certain this is the last of it. Recall Bank of America bought Countrywide Financial in 2008, and that move was the genesis of the questionable loans that threw the country into a recession.
Stocks in this video: BAC
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