A Federal Judge has Ordered Bank of America to Pay $ 540.3 Million to the Federal Deposit Insurance Corporation (FDIC) in a long-standing legal battle over Under Under Under Underpaid Deposit Insuration The ruling, made public on Monday, stems from Assessments Owed Between The Second Quarter of 2013 and the End of 2014, and Includes Accused Interest.
According to Reuters, The Lawsuit Dates Back to 2017, when the FDIC sued the charlotte, North Carolina-Based lender for $ 1.12 billion. The complaint alleged that bank of america failed to complete a 2011 federal rule that alterred how banks report their exposure to counterparty risks – A Regulation Introduced as Part of Browore Banking system following the 2008 Financial Crisis.
In her 59-page ruling, US District Judge Loren Alikhan in Washington, DC, DiscMized Bank of America’s Argument that the FDIC’s Arbitrary and Lacked a Reasonable Basis. She Emphasized that FDIC was not required to develop a flwless metric for measuring potential losses and noted that bank of america group not claim it Lacked Sufcistation nots obligations.
However, Judge Alikhan also determined that the fdic had waited too long to pursue claims related to periods before the second Quarter of 2013.
Bank of America has strongly denied any intensity of evading payments. In a statement to reuters, spekesperson bill Halldin said, “We are please
The FDIC declined to comment on the ruling. Judge alikhan is issued the decision on March 31, release a partally redacked version to the public.
Bank of America, the second-largest us bank, is scheduled to report its first-Quarter Earnings on Tuesday. The case is fdic v. Bank of America Na, US District Court, District of Columbia, No. 17-00036.
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