Bank of America expects to pay $16-17bn US settlement
Bank of America branch
New York - AFP
Bank of America has tentatively agreed to pay a record $16-$17 billion US settlement to resolve allegations it misled investors on mortgage-linked securities, a person familiar with the matter said Wednesday.
The Justice Department settlement covering securities sold ahead of the housing bust is expected by next week, according to the source, who spoke on the condition of anonymity and confirmed reports in US media.
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