Violation Tracker Individual Record
Company:
Bank of America
Current Parent Company:
Bank of America
Penalty:
$2,382,415,075
Year:
2012
Date:
February 9, 2012
Offense Group:
financial offenses
Primary Offense:
mortgage abuses
Violation Description:
Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, and Ally Financial agreed to pay a total of $5 billion in direct payments to resolve multistate litigation concerning abuses in their mortgage servicing and foreclosure practices; $4.25 billion of the total was to go to the states. This was part of the larger $25 billion National Mortgage Settlement that also included $20 billion in relief to borrowers; see the Violation Tracker entry for Bank of America at https://violationtracker.goodjobsfirst.org/violation-tracker/-bank-of-am.... The Bank of America settlement document linked below put its portion of the direct payments at $2,382,415,075.
Level of Government:
state
Action Type:
agency action
Agency:
Multistate Attorneys General Case
Court:
District of the District of Columbia
Civil or Criminal Case:
civil
Case ID:
1:12-cv-0361
Case Name:
United States of America et al. v. Bank of America Corporation et al.
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
Link to PACER Case Docket (must be logged in):
Link to Archived Court Document:
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.
