BofA to Pay $5.56 Million to End DOJ Market Manipulation Case
Bank of America Corp. has agreed to pay $5.56 million to settle a Department of Justice (DOJ) investigation into market manipulation allegations involving two former employees. The DOJ accused the bank's unit of participating in schemes that manipulated prices in the secondary market for residential mortgage-backed securities (RMBS). The settlement resolves the DOJ's claims without any admission of wrongdoing by the bank. This case highlights the continued efforts by regulatory authorities to crack down on financial misconduct and maintain the integrity of financial markets. The substantial penalty paid by Bank of America serves as a reminder to financial institutions of the consequences they may face for alleged involvement in manipulative practices.
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