“Bank of America Corp. is set to pay a record settlement of nearly $17 billion over its mortgage lending as early as Thursday, capping a legal odyssey that has dogged it since the depths of the financial crisis. More than $1 billion of the payout from the Charlotte, N.C., bank could go to a handful of states, according to a person familiar with the deal. The settlement amount is the largest ever reached between the U.S. and a single company, and is approximately equal to the bank’s total profit for the past three years. Bank of America has spent more than $60 billion on legal woes stemming from the financial crisis, and the latest settlement would push the tab to close to $80 billion.”
http://online.wsj.com/articles/bank-of-america-reaches-17-billion-settlement-1408560100
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