Bank of America Nearing $17 Billion Settlement with Department of Justice
iStock Editorial/Thinkstock(NEW YORK) — Bank of America and the Department of Justice have agreed to some financial terms of a settlement over securities fraud charges that will see the banking institution fork over $17 billion.
The agreement was reportedly finalized during a phone call between Attorney General Eric Holder and Bank of America CEO Brian Moynihan last week. A number of details, however, still need to be worked out before the settlement can be reached.
No announcement is expected on a complete settlement agreement this week.
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