The announcement was made by Attorney General Eric Holder in Washington on Thursday morning, the New York Times reported. Holder said that the Bank of America is expected to pay $9.65 billion as cash penalty and will also provide $7 billion to blighted neighborhoods and homeowners as relief to counter the damage the securities have cost.
US Magistrate Judge David Cayer said in his recommendation that the Bank of America's dismissal request of the US Securities and Exchange Commission against the lender is to be rejected as the complainant had presented sufficient proof that the bank knowingly misrepresented and omitted substantial information about its mortgage-backed securities.
The development of the state of Detroit's plans to emerge from bankruptcy has a strange new twist, as its 'plan of adjustment' will be forced by court for debtholders by courts to absorb massive losses, DealBook said in a report.
22-year-old Moritz Erhardt, a German student and intern working unpaid for Bank of America Merrill Lynch in London, was found dead last week in his dormitory, days after he reportedly worked 3 all-nighters at the company
