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Violation Tracker Individual Record

Company: Bank of America
Current Parent Company: Bank of America
Penalty: $35,600,000
Year: 2001
Date: July 26, 2001
Offense Group: government-contracting-related offenses
Primary Offense: False Claims Act and related
Violation Description: Bank of America agreed to pay $35.6 million to satisfy claims that the bank failed to report and pay as unclaimed property amounts representing principal and interest owed to bondholders on bonds issued by state and municipal entities. The settlement also addressed claims for refund of excessive fees for services rendered and investment earnings lost on money in the bank's custody.
Level of Government: state
Action Type: agency action
Agency: Alaska Attorney General
Civil or Criminal Case: civil
Facility State: Alaska
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.