Violation Tracker Individual Record

Company: 
Bank of America
Current Parent Company: 
Bank of America
Penalty: 
$500,000,000
Year: 
2013
Date: 
April 17, 2013
Primary Offense: 
investor protection violation
Violation Description: 

In a case brought on behalf of state pension funds in Oregon and Maine as well as other investors, Bank of America agreed to pay $500 million to settle allegations that its subsidiary Countrywide Financial misled investors into buying risky mortgage-backed securities.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Multistate Attorneys General Case
Civil or Criminal Case: 
civil
Private Lawsuit Resolution Type: 
settlement
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.