{"id":1858626,"date":"2023-02-24T07:05:43","date_gmt":"2023-02-24T12:05:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1858626"},"modified":"2023-02-24T07:10:16","modified_gmt":"2023-02-24T12:10:16","slug":"bank-of-america-racked-up-1-2-billion-in-penalties-and-settlements-last-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-america-racked-up-1-2-billion-in-penalties-and-settlements-last-year\/","title":{"rendered":"Bank of America Racked Up $1.2 Billion in Penalties and Settlements Last Year"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbank-of-america-racked-up-1-2-billion-in-penalties-and-settlements-last-year%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1858626&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>FoxBusiness.com &#8211; What&#8217;s hot?<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>In 2022, Bank of America spent $1.2 billion on litigation and regulatory investigations.<\/p>\n<p>According to company filings, the total includes all settlements and fines.<\/p>\n<p>It was a significant increase from the $164 million that was recorded in 2021, and $823 million for 2020.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/category\/legal\" target=\"_blank\" rel=\"noopener\">Fees for lawyers<\/a> They were not included.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/economy\/bank-america-still-forecasting-2023-recession-fed-action-not-enough-exec-warns\" target=\"_blank\" rel=\"noopener\"><strong>BANK OF AMERICA STILL FORECASTING 2023 RECESSION: FED ADVANCEMENT &#8216;NOT ENOUGH&#8217;, EXEC WARNS<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/09\/931\/523\/bank-of-america-sign.jpg?ve=1&#038;tl=1\" alt=\"Bank of America New York City\"   style=\"display:none\"><\/div>\n<div class=\"caption\">\n<p><span>New York City has a Bank of America logo.<\/span><span> (Reuters\/Stephanie Keith \/ Reuters Photos<\/span><\/p>\n<\/div>\n<\/div>\n<p>The company had to deal with $354 million as part of a settlement with Ambac Financial Group, a bond insurer, for a lawsuit that dates back to 2008&#8217;s mortgage crisis.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/category\/bank-of-america\" target=\"_blank\" rel=\"noopener\">BofA also paid $225 Million<\/a> In penalties for employees who use unauthorized messaging platforms such as WhatsApp, regulators.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/economy\/bank-of-america-ceo-sees-mild-recession-2023-preparing-worse\" target=\"_blank\" rel=\"noopener\"><strong>BANK of America CEO SEES MILD RECESSION IN 2023 AND IS PREPARING TO MAKE IT EVEN WORSE<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/08\/931\/523\/Brian-Moynihan-A.jpg?ve=1&#038;tl=1\" alt=\"BofA CEO Brian Moynihan\" \/><\/div>\n<div class=\"caption\">\n<p><span>Brian Moynihan (CEO of Bank of America) is photographed at New York&#8217;s Bank of America Tower.<\/span><span> (AP Photo\/John Minchillo \/ AP Newsroom.<\/span><\/p>\n<\/div>\n<\/div>\n<p>For its mishandling of the money, the bank was also fined $225 millions <a href=\"https:\/\/www.foxbusiness.com\/category\/jobs\" target=\"_blank\" rel=\"noopener\">Jobless benefits<\/a> During the pandemic.<\/p>\n<p>Last year, the combined costs of all three cases reached $800 millions.<\/p>\n<table class=\"stock-fundamentals\">\n<thead>\n<tr>\n<th class=\"ticker\">Ticker<\/th>\n<th class=\"security\">Security<\/th>\n<th class=\"last\">Last<\/th>\n<th class=\"change\">Change<\/th>\n<th class=\"percent\">Change %<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=BAC\">BAC<\/a><\/td>\n<td class=\"security\">BANK of America CORP.<\/td>\n<td class=\"last\">34.27<\/td>\n<td class=\"change neg\">-0.02<\/td>\n<td class=\"percent neg\">-0.06%<\/td>\n<\/tr>\n<tr><\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/www.foxbusiness.com\" target=\"_blank\" rel=\"noopener\"><strong>CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS<\/strong><\/a><\/p>\n<p>BofA didn&#8217;t specify the source of $400 million.\u00a0<\/p>\n<p>FOX Business contacted B of A for comment.<\/p>\n<p><i>This report was contributed by Reuters<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FoxBusiness.com &#8211; What&#8217;s hot? In 2022, Bank of America spent $1.2 billion on litigation and regulatory investigations. According to company filings, the total includes all settlements and fines. It was a significant increase from the $164 million that was recorded in 2021, and $823 million for 2020. Fees for lawyers They were not included. BANK &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1858629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[7988,5374,5373,9637,19585,19584],"class_list":["post-1858626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-1-2","tag-america","tag-bank","tag-penalties","tag-racked","tag-settlements"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1858626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1858626"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1858626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1858629"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1858626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1858626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1858626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}