America’s second-largest lender has reached a $16.65 billion settlement with US federal authorities for selling toxic mortgages and misleading investors, the Justice Department said Thursday.
By RT.com
“This historic resolution – the largest such settlement on record – goes far beyond ‘the cost of doing business,’” Attorney General Eric Holder said in a statement posted on the US Justice Department website on Thursday.
The bank will pay out $9.65 billion in cash and $7 billion for consumer relief – such as modified home loans and refinanced mortgages.