BofA Mortgage Ruling Helps Seal $16.7 Billion Accord
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A final judgment against Bank of America Corp. in a mortgage-bond lawsuit by the U.S. Securities and Exchange Commission was signed by a federal judge, helping clear the way for the lender to complete a $16.7 billion global settlement of claims it misled investors about risk.
The judgment signed yesterday by U.S. District Judge Max O. Cogburn Jr. in Charlotte, North Carolina, bars Bank of America from using deceit or fraud to sell securities. The lender agreed to the terms “without admitting or denying the allegations of the complaint.”