Bank of America ordered to pay $540 million in long-running lawsuit from the FDIC

NEW YORK AP A federal judge has ordered Bank of America to pay more than million to resolve long-running litigation from a U S regulator that alleged the company underpaid mandatory assessments for deposit insurance The order reached March and published publicly on Monday arrives over eight years after the Federal Deposit Insurance Corporation sued Bank of America in Related Articles Japan s anti-monopoly watchdog accuses Google of violations in smartphones Starbucks imposes new limits on what baristas can wear under their green aprons Ranchers hope Trump s tariffs boost demand for cattle but chosen fear area uncertainty US moves ahead on tariffs with investigations into computer chips and pharmaceuticals Wall Street ticks higher in a rare quiet day following weeks of tariff turmoil We are pleased the judge has ruled and have reserves reflecting the decision Bank of America explained in a declaration to The Associated Press The FDIC declined to comment when reached Tuesday Back in the FDIC accused Bank of America of refusing to pay over million in assessments a figure it later expanded to billion alleging that the banking giant failed to honor a regulatory rule and unjustly enriched itself at the FDIC s expense The Bank of America later filed a motion to dismiss in part strongly denying it acted with an intent to evade such payments It also argued that specific of quarters the FDIC targeted for assessments fell outside the statue of limitations After a yearslong legal battle U S District Judge Loren L AliKhan in Washington D C partially granted and denied motions for both Bank of America and the FDIC She commented that the nearly million payment from Bank of America would cover its underpaid assessments spanning from the second quarter of through the end of s fiscal year plus interest but ruled that the FDIC waited too long to sue over earlier suggests Formed in during the Great Depression the FDIC is one of several banking system regulators in the modern day The agency is best known for running the nation s deposit insurance campaign which insures Americans deposits up to in development their bank fails Bank of America headquartered in Charlotte North Carolina is the second-largest bank by assets in the U S On Tuesday the company announced a first-quarter profit of billion and billion in revenue net of interest expense topping Wall Street expectations