Violation Tracker Individual Record

Company: 
Bank of America
Current Parent Company: 
Bank of America
Penalty: 
$35,600,000
Year: 
2001
Date: 
July 26, 2001
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
Private Lawsuit Resolution Type: 
settlement
Facility State: 
Alaska
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.