December 7, 2010

Bank of America settles with states, feds in fraud probe

Bank of America has agreed to a sweeping $137 million settlement with state and federal authorities to resolve its role in an alleged bid-rigging scheme that has been under investigation since 2006. The settlement resolves allegations that the Charlotte bank defrauded state agencies, cities and towns, and non-profits that bought a type of investment called municipal bond derivatives.

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