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Bank of America: Too Big To Jail

Charging $4.5 billion in debit card overdrafts to 13.2 million customers over the last decade. Settled, paid back an estimated amount less than 10% of the overcharges.
Judge OKs $410M for Bank of America customers, USA Today, 7 November 2011

Attempting to rig bids for municipal bond contracts 88 times. Douglass Campbell, former Senior VP, plead guilty but received no jail time or fine due to his cooperation with authorities. Settled.
Ex-Bank of America employee avoids punishment in bid rigging case, Reuters, 22 April 2014 Securities Exchange Commission, Administrative Proceeding, File No. 3-14153, 7 December 2010

Violating a 2010 court order and overcharging homeowners behind on their mortgage by $36 million. Settled.
Bank of America Subsidiary Reversing or Refunding $36 Million in Fees to Resolve FTC Allegations That it Overcharged Struggling Homeowners, Federal Trade Commission press release, 9 February 2012

Intentionally misleading thousands of investors about the risk of auction-rate securities. Settled.
Bank of America Agrees to Buy Back Auction-Rate Securities, New York Times, 9 October 2008

Discriminating against more than 200,000 disabled mortgage applicants. Settled.

BofA settles U.S. probe related to disabled borrowers, Reuters, 13 September 2012

Charging 1,900,000 consumer credit card accounts with credit monitoring and reporting services they werent getting. Settled.
Bank of America Reaches $772M Credit-Card Settlement, Fox Business, 9 April 2014

Joe L. Price, former chief financial officer, was accused of withholding information during the Merrill Lynch merger. Settled.
Ex-Finance Chief at Bank of America to Pay $7.5 Million in Settlement, New York Times, 25 April 2014

! Racially discriminated against 1,147 job applicants. Ordered to pay restitution. ! !

Bank of America To Pay $2.18 Million In Racial Discrimination Case, Huffington Post, 23 September 2013

Illegally foreclosed upon 316 active armed service members between 2006 and 2010. Settled.
Service Members to Receive $39 Million for Violations of the Servicemembers Civil Relief Act, Department of Justice press release, 4 April 2013

Accused of participating in the LIBOR interest rate rigging scandal. Andrew Lo, a professor of finance at MIT, said that the scandal dwarfs by orders of magnitude any financial scam in the history of markets. Lawsuit is pending.
U.S. regulator sues 16 banks for alleged Libor rigging, BBC, 14 March 2014 Explaining the Libor interest rate mess, CNNMoney, 10 July 2012

Research by Brett Heinz

brettheinz2@gmail.com