Bank of America agreed to pay a record $16.65bn in cash and consumer relief to US authorities to resolve allegations that the bank misled investors in mortgage-backed securities, marking a milestone in the government’s effort to hold banks accountable for the financial crisis.
The civil settlement between the bank and US Department of Justice, Securities and Exchange Commission and six state attorneys-general is the largest amount paid by a single entity, DoJ said.
Eric Holder, the US attorney, called the resolution a “historic step forward” in holding accountable those whose actions threatened the integrity of the US financial markets.
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