U.S. Prosecutors Seek $17 Billion for BofA Settlement, NYT Says
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The U.S. Justice Department is seeking about $17 billion from Bank of America Corp. to settle probes into its handling of mortgages ahead of the financial crisis, the New York Times reported.
Talks stalled on June 9 after the firm offered more than $12 billion to resolve the investigations, the newspaper said, citing people briefed on the matter. The department was yesterday moving to put the finishing touches on a civil complaint against the bank that would accuse it of selling mortgage investments that led to billions of dollars in losses, the Times said. The suit isn’t imminent, it said.