Tue, 29 April
14.1 C
Yerevan
USD: 389.45 RUB: 4.78 EUR: 443.12 GEL: 141.62 GBP: 521.16
spot_img

Bank of America Near $16 Billion to $17 Billion Settlement: WSJ

YEREVAN, August 7. /ARKA/. Bank of America Corp. and the Justice Department are closing in on a landmark deal in which the bank will pay $16 billion to $17 billion to resolve allegations of mortgage-related misconduct in the run-up to the financial crisis, according to people familiar with the matter, the Wall Street Journal reports.

The bank has agreed to pay roughly $9 billion in cash to the federal government, states and other government entities, these people said, as part of an overall pact that could be finalized this month. Additional money would be aimed at consumer relief, such as reducing mortgage balances for struggling homeowners.

If finalized, the agreement would set a record for fines and damages in a civil settlement between the U.S. government and a company. It would eclipse a $13 billion deal struck less than nine months ago between the Justice Department and J.P. Morgan Chase JPM +0.30% & Co. over similar issues, alleging the banks knowingly sold investors shoddy mortgages. –0–

spot_img

POPULAR

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

Instruments for supporting SMEs in Armenia were discussed with bankers at the Ministry of Economy

Financial instruments for supporting small and medium-sized businesses (SMEs) were discussed by Deputy Minister of Economy of Armenia Lilia Sirakanyan and bank representatives.

Armenia ratifies EUR 10.1 million investment agreement with EIB on Yerevan’s Second Energy Efficiency Program

The Armenian Parliamentary Committee on Financial, Credit and Budgetary Affairs gave a positive conclusion at its meeting on Friday on the ratification of the agreement on the investment grant for the "Second Yerevan Energy Efficiency Program" in the amount of EUR 10.1 million.

In February, deposits in Armenian banks grew by 1%, loans decreased by 0.1% due to dram funds

In February 2025, deposits in Armenian commercial banks grew by 1% (MoM), while loans decreased by 0.1% (MoM), in both cases the changes were due to funds denominated in drams.

LATEST NEWS

spot_imgspot_imgspot_img