From Yahoo Finance: 2025-04-15 12:46:00

A federal judge has ordered Bank of America to pay over $540 million to resolve a lawsuit from the FDIC alleging underpaid insurance assessments. The dispute dates back to 2017, when the FDIC accused the bank of refusing to pay over $500 million, later expanding the claim to $1.12 billion. The judge’s ruling partially granted and denied motions from both parties, with Bank of America required to pay the underpaid assessments plus interest. The FDIC was criticized for waiting too long to sue over earlier claims.

The FDIC, established in 1933 during the Great Depression, is a key banking regulator known for running the nation’s deposit insurance program. Bank of America, headquartered in Charlotte, North Carolina, is the second-largest bank in the U.S., reporting a first-quarter profit of $7.4 billion and $27.37 billion in revenue net of interest expense, exceeding Wall Street expectations.



Read more at Yahoo Finance: Bank of America ordered to pay $540 million in long-running lawsuit from the FDIC