Bank of America expects to pay $16-17bn US settlement

GMT 00:24 2014 Thursday ,07 August

Arab Today, arab today Bank of America expects to pay $16-17bn US settlement

Bank of America branch
New York - AFP

 Bank of America has tentatively agreed to pay a record $16-$17 billion US settlement to resolve allegations it misled investors on mortgage-linked securities, a person familiar with the matter said Wednesday.
The Justice Department settlement covering securities sold ahead of the housing bust is expected by next week, according to the source, who spoke on the condition of anonymity and confirmed reports in US media.


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