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Violation Tracker Individual Record

Company: Bank of America N.A.
Current Parent Company: Bank of America
Penalty: $34,500,000
Year: 2015
Date: March 16, 2015
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: toxic securities abuses
Mega-Scandal: Toxic Securities
Violation Description: Bank of America and U.S. Bank together agreed to pay $69 million to settle litigation brought by pension funds arguing they were deceived about the quality of mortgage-backed securities they purchased for which the banks served as trustees. Court documents did not indicate how much each bank would pay. Here we assume they each paid half of the total.
Level of Government: federal
Action Type: private litigation
Court: Southern District of New York
Civil or Criminal Case: civil
Case ID: 1:12cv2865
Case Name: Policemen's Annuity and Benefit Fund of the City of Chicago v. Bank of America, NA et al
Private Lawsuit Resolution Type: settlement
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)
Link to PACER Case Docket (must be logged in): (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.