Posted by: youngragingbull | April 2, 2013

Bank of America to pay $165M to settle lawsuit

Bank of America Corp. will pay $165 million to settle a case over purchased mortgage-backed securities with the National Credit Union Administration, a U.S. regulator of credit unions, according to a media report.

Neither side admitted any wrongdoing in the settlement, according to a report by Reuters.

The settlement is part of the bank’s ongoing litigation with various parties over investments in mortgage-backed securities from the financial crisis.

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