Bank of America would go on trial this week over fraud charges related to home mortgages which was alleged to defraud Fannie Mae and Freddie Mac.
Tags: Bank of America
Judge approves tentative deal for Countrywide
Judge Mariana Pfaelzer of the US District Court of Los Angeles temporarily approves Countrywide settlement for devalued residential mortgage backed securities.
Countrywide verdict a major victory for US Justice Department- report
The US Justice Department scored a major win when a New York federal jury found the Countrywide unit of Bank of America guilty for mortgage fraud.
Morgan Stanley leads profit gains in US lenders
Morgan Stanley along with Bank of America Corp and Wells Fargo & Co. would lead the six biggest lenders in the US banking sector, said a Bloomberg report.
India's falling currency attracts US investors
Rupee's depreciation makes India an attractive proposition for US investors. India's top ranked takeover advisor Bank of America Corp identified the rupee's depreciation as the main factor in generating interest from US companies in setting up factories in India.
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Bank of America said it would sell its 2 billion shares in China Construction Bank Corp. Bank of America Corp had expected to end an eight year investment in China Construction Bank Corp.
Last Tuesday, Bank of America Corp announced to sell its remaining stake in China Construction Bank Corp for USD1.5 billion.
A term sheet seen by Reuters revealed that Bank of America Corp would exit from China Construction Bank Corp by selling shares worth USD 1.5 billion.
Six US banks led by JP Morgan Chase & Co. and Bank of America Corp. had piled up a total of USD103 billion in legal costs.
The Merrill Lynch unit of Bank of America corp would pay USD 160 million to settle a discrimination lawsuit filed by African-American financial advisers.
A federal judge allowed the lawsuit filed by the Justice Department against a unit of Bank of America to proceed by endorsing a broad interpretation of the FIRREA.
Studies by financial analysts indicated that the banking sector is recovering and may regain top spot on S & P.
Bank of America Corp reported about USD1.5 billion were added by investors into funds that purchase leveraged loans in the U.S.
E-commerce company Zulily hires banks for possible initial public offering. Flash sales company Zulily hired investment banks as advisors for a possible inital public offering, according to sources with knowledge on the matter.
