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Bank of America near $16 billion to $17 billion settlement

August 7, 2014 7:18 AM
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Bank of America near $16 billion to $17 billion settlement

Bank of America Corp. and the Justice Department are close to a deal in which the bank will pay between $16 billion and $17 billion to resolve allegations of mortgage-related misconduct in the run-up to the financial crisis, according to people familiar with the matter.

The bank /quotes/zigman/190927/delayed/quotes/nls/bac BAC +1.33% has agreed to pay roughly $9 billion in cash to the Justice Department, states and other government entities, these people said, with additional money aimed at consumer relief, such as reducing mortgage balances for struggling homeow...

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