 |
|
|
Something new in your business? Click here to submit your business press release Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery |
|
|
EXCLUSIVE Bank of America in talks with U.S. on probe of Merrill: sources [April 17, 2014] WASHINGTON (Reuters) — Bank of America Corp <BAC.N> has held talks with the U.S. Justice Department to resolve a civil fraud probe into Merrill Lynch's sale of flawed mortgage securities ahead of the financial crisis, people familiar with the negotiations told Reuters. |
|
On Wednesday, the No. 2 U.S. bank reported it
took a $6 billion charge to cover litigation expenses, a figure
that far exceeded the legal settlements the bank has announced
recently. The sources did not say whether Bank of America and the
government have discussed a specific settlement amount to
resolve the Merrill probe. The investigation stems from a government task force the Obama
administration created in early 2012 to probe the sale of shoddy
home loans repackaged for investors. (Reporting by Aruna Viswanatha; editing by David Gregorio) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
|
 |
|
|
|
|
|
|
