Government
Dec. 9, 2010
BofA Settles Multi-State Fraud Charges
Bank of America will pay California $6 million under the terms of a multi-state agreement in which the bank settled complaints that it defrauded buyers of municipal bond derivatives.
Daily Journal Staff Writer
SACRAMENTO - Bank of America will pay California $6 million under the terms of a multi-state agreement in which the bank settled complaints that it defrauded buyers of municipal bond derivatives.
The dispute involves Bank of America's sale of these derivatives to various state agencies, municipalities, school districts and non-profit organizations. The bank was accused of rigging the bidding proce...
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