From Yahoo Finance: 2025-04-14 18:09:00

A federal judge ordered Bank of America to pay $540.3 million in a lawsuit by the FDIC for underpaying deposit insurance from 2013-2014. The lawsuit accused the bank of not following a 2011 rule to report risk exposure, part of reforms post-2008 financial crisis. Bank of America denied intent to evade payments.

Judge AliKhan rejected Bank of America’s claims, stating the FDIC was not required to have a “perfect measure” for predicting potential losses. The FDIC was criticized for waiting too long to sue over claims predating the second quarter of 2013. Bank of America is expected to report first-quarter results on Tuesday.

Bank of America spokesperson Bill Halldin expressed satisfaction with the judge’s ruling and said reserves reflect the decision. The FDIC declined to comment on the case. The judge’s decision was issued on March 31 in partially-redacted form, with the case being FDIC v Bank of America NA in the U.S. District Court.



Read more at Yahoo Finance: Judge orders Bank of America to pay $540 million in FDIC lawsuit