BofA settles credit union claim

Investor's Business Daily

The No. 2 U.S. bank agreed to pay $165 mil to settle charges by the National Credit Administration over mortgage-backed securities sold to corporate credit unions that have since failed. Bank of America (BAC) admitted no wrong-doing. The regulator also withdrew objections to a proposed $8.5 bil settlement between BoA and investors. The regulator has settled similar claims vs. Deutsche Bank (DB), Citigroup (C) and HSBC (HBC). Other suits remain against banks, including JPMorgan Chase (JPM), Barclays (BCS) and Credit Suisse (CS).

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