The highest fine ever paid by a US bank
Bank of America will pay a record 12.5 million Euros fine for its subprime mortgages
The sanction implies a compensation for the customers affected, the cancellation of debt in some cases, as well as investment and support to local communities at risk.
Europa Press
Internacional-22/08/2014
Bank of America has reached an agreement with the US Department of Justice, other federal agencies and six State governments to end the inquiry related to the subprime mortgage market by paying a 16.650 million Dollars fine (12.525 million Euros).
The second highest US bank institution will pay 9.650 million Dollars cash (7.255 million Euros) and will have to provide assistance to consumers worth seven million Dollars (5.270 million Euros).
Such assistance measures include the refinancing of the mortgages by Bank of America, the cancellation of debt in certain cases, as well as investment in local communities and support to urban communities at risk.
The sanction is the highest accepted by any US bank and exceeds the 9.5 million Dollars fine (7.143 million Euros) gi
Contenido exclusivo para socios
