NEW YORK (TheStreet) -- Shares of Bank of America Corp (BAC) were declining, lower by 0.24% to $16.73 in midday trading Wednesday, after the Fed fined the bank $205 million for unsound practices in foreign exchange, according to Reuters.
Still, Bank of America didn't face similar action from the Justice Department as the five global banks did, including J.P. Morgan Chase & Co. (JPM), Barclays PLC (BCS), Royal Bank of Scotland Group PLC (RBS), Citigroup (C), and UBS (UBS).
They have agreed to pay more than $5 billion in combined penalties to resolve an investigation into whether they moved foreign currency rates to their benefit, The Wall Street Journal reports.
On Monday night, Bank of America won a dismissal of claims in lawsuits accusing them of failing to safeguard interests of investors, Bloomberg reported.
U.S. District Judge Katherine B. Forrest in Manhattan threw out three lawsuits alleging breaches over mortgage-backed securities that suffered losses tied to the global financial crisis, Bloomberg added.
Charlotte, N.C.-based Bank of America is a financial institution, serving individual consumers, small and middle market businesses, institutional investors, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services.
Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation: