Yesterday Bank of America settled five lawsuits, four brought by the Federal Housing Finance Authority and one by the state of New York. The feds collected $9.5 billion, the state $15 million. BofA must be ruing their acquisitions of Merrill Lynch and Countrywide as these two companies were the cause of a good portion of the suits. In addition, New York fined Ken Lewis, former CEO of BofA,
Even after shelling out this money, BofA thinks they will still have fines to pay as they think they haves now resolved around 88% of the total cost of pending litigation relating to the bank's conduct during the housing crisis.
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