Bank of America

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Couple Wins $1M for 'Unrelenting' BofA Robocalls

Nelson and Joyce Coniglio say they got 700 calls over 4-year period

(Newser) - Nelson and Joyce Coniglio begged Bank of America to stop calling them about late loan payments, but the calls kept on coming: 700 of them over a four-year period, the Florida couple claims in a lawsuit that describes a huge mortgage-induced headache, ABC News reports. The bank was ordered by... More »

'American Psycho' Banker's Trades Were Being Probed

Ex-girlfriend says Jutting tried to kill himself

(Newser) - Was Rurik Jutting a white-collar criminal before he was accused of two grisly murders in Hong Kong? The British investment banker was part of a Bank of America Merrill Lynch unit involved in "tax-minimization" trades that were being investigated by prosecutors, regulators, and the bank itself, sources tell the... More »

Feds, BofA Strike $17B Settlement

Justice announces largest deal it's ever reached

(Newser) - The Justice Department has announced a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis. The deal announced today calls for the bank, the second-largest in the US, to pay a $5 billion cash... More »

BofA, Feds Near Biggest Settlement in US History

Justice Dept. deal would cost bank $16B-$17B for foreclosure mess

(Newser) - Bank of America is headed toward the biggest settlement to arise from the 2008 financial crash, a deal with the Justice Department reportedly worth $16 billion to $17 billion over its role in the sale of mortgage-backed securities, a source directly familiar with the matter tells the AP . The tentative... More »

BofA Just Showed How Easy It Is to Lose $4B

Is bank too big to keep track of its assets?

(Newser) - Bank of America canceled a planned share buyback program today, after realizing that it had made a tiny little accounting error—and by "tiny little," we mean "$4 billion." "The market's reaction, with about $10 billion of BofA's market value wiped out, was... More »

Bank of America Sends Offer to 'Lisa Is A Slut'

Feminist writer wasn't amused

(Newser) - Feminist writer Lisa McIntire was shocked to receive a credit card offer from Bank of America with "Is A Slut" added to her name. "Lisa Is A Slut McIntire, you've earned this special offer," read the mailer that arrived at the home of McIntire's mother,... More »

Dow Dumps Bank of America, HP, Alcoa

Nike, Visa, and Goldman Sachs to replace them

(Newser) - The Dow Jones Industrial Average is ditching Hewlett-Packard, Bank of America, and Alcoa, it announced today, in what the Wall Street Journal is calling "the biggest shake-up of the 30-stock index in almost a decade." The Dow will add Nike, Visa, and Goldman Sachs to replace the three... More »

Bank of America Intern Dies After 3 All-Nighters: Sources

Moritz Erhardt reportedly suffered from epilepsy

(Newser) - A 21-year-old intern at Bank of America in London had reportedly worked 72 hours straight when he collapsed in the shower and died, according to the Independent and other sources , which are citing Internet chatter. Moritz Erhardt "went home at 6am three days in a row," according to... More »

Feds Sue BofA Over 'Jumbo' Loans

Bank accused of hiding information about risky prime mortgages

(Newser) - The US Justice Department filed another lawsuit against Bank of America today—this one a civil suit claiming the bank had defrauded investors over $850 million in mortgage-backed securities. Investors lost $70 million and will lose $50 million more, the suit contends, after prime mortgages that supported the securities went... More »

Staffers: Bank of America Gave Us Gift Cards for Lying

Lawsuit says company cheated homeowners

(Newser) - Bank of America told employees to lie to and cheat homeowners looking for help under the government's Home Affordable Modification Program , and rewarded those employees for kicking people out of their homes, staffers allege in sworn statements attached to a recently filed lawsuit. Here are some of the most... More »

Feds, Banks Brace as Anonymous Vows Giant Hack Today

Hacker groups plot #OpUSA, say May 7 a 'day to remember'

(Newser) - Hackers have spent weeks warning of a giant attack on US government agencies and banks—and today is the day, they say. "Anonymous will make sure that this May 7th will be a day to remember," said the hacker group in a post, per the Huffington Post . The... More »

Banks Admit Wrongly Foreclosing on US Troops

At least 700 active-duty troops lost homes during crisis

(Newser) - America's biggest banks have admitted that they wrongfully foreclosed on the homes of at least 700 military personnel, in some cases evicting families while troops were serving in war zones, the New York Times reports. The wrongful foreclosures by banks including Citigroup and Wells Fargo surfaced as part of... More »

Did Banks Get Off Easy in $8.5B Mortgage Settlement?

Homeowner: 'What's $1K going to do for me?'

(Newser) - Sure, plenty of people—3.8 million, in fact—will benefit from yesterday's $8.5 billion mortgage settlement with banks. But some consumer advocates say the banks themselves have made out the best on the deal, the AP reports. They argue that the institutions are getting away with a... More »

Big Banks Agree to $8.5B in Mortgage Settlement

Banks agree to $8.5B deal with regulators, as BofA gives Fannie $10B

(Newser) - A group of 10 major lenders has agreed to pay federal regulators $8.4 billion to settle claims of foreclosure "robo-signings" and other abuses, the New York Times reports. Among the lenders onboard are JPMorgan Chase, Citibank, and Bank of America. About $3.3 billion of that will go... More »

Bank of America Scraps Plan for New Fees

Last year's revolt might be too fresh in memory

(Newser) - Remember last year when Bank of America tried to impose a $5 fee for debit cards but had to rescind it amid customer outrage? Some key decision-makers at the bank apparently remember, too, because they've put the kabosh on new checking account fees that were due to go into... More »

Now 16 Banks Subpoenaed in Libor Mess

Bank of America, Credit Suisse drawn into probe

(Newser) - Add nine more top banks to the list of subpoenas in the Libor scandal: Bank of America, Credit Suisse, Bank of Tokyo Mitsubishi, Lloyds Banking Group, Royal Bank of Canada, Rabobank, Societe Generale, Norinchukin Bank, and West LB were all handed subpoenas in August and September, the Wall Street Journal... More »

US Sues Bank of America for $1B in 'Hustle' Scheme

Prosecutors says bank foisted bum mortgages on Fannie, Freddie

(Newser) - The Justice Department has filed a $1 billion lawsuit against Bank of America over an alleged mortgage scheme known as the "Hustle" invented by its Countrywide unit. According to Manhattan US Attorney Preet Bharara, Bank of America and Countrywide developed a procedure to rapidly generate thousands of toxic loans... More »

Bank of America to Pay $2.43B in Merrill Lynch Settlement

Firm still denies claims it misled investors

(Newser) - Bank of America says it has agreed to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch. The lawsuit was filed on behalf of investors that bought or held Bank of America stock when the company announced its plans to buy Merrill as... More »

Top US Banks Hit By Middle East Hackers

Group claiming credit blames anti-Islam video

(Newser) - Customers of Wells Fargo, JPMorgan, Bank of America, and other institutions briefly lost access to their online accounts amid an attack by a Middle East-based hacker group—even after the group warned banks of the impending attack, the Los Angeles Times reports. Account information wasn't compromised, the banks say,... More »

Bank of America Slashing 16K Jobs

Cost-cutting program hitting retail banking hardest

(Newser) - Bank of America is the biggest banking employer in the US, but it has accelerated plans that will see it lose that title to rivals, reports the Wall Street Journal . The bank aims to cut 16,000 jobs by the end of the year, allowing it to reach chief executive... More »

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