This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977. [126], Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee (CEO Pay Ratio). Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee. Institutions and individuals worldwide entrust us to manage $2.4 trillion in investments. The tower, and accompanying hotel, is a LEED-certified building. But the city has a lot to offer on the social side, too, with plenty of parks, restaurants and museums. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. Even though Bank of America operates Community Bank, customer services are not interchangeable between the two financial institutions,[104] meaning that a Community Bank customer cannot go to a Bank of America branch and withdraw from their account and vice versa. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. SVB's values guide our actions, from our approach to supporting small businesses to community engagement to our ESG reporting. On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21billion. No further results found for your selection. 2022 SVB Financial Group. [90], In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.[91]. [144][145], In April 2014, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. [70] This was one of the first major securities class action lawsuits stemming from the financial crisis of 20072008 to settle. You are about to change your browser's location settings for credit-suisse.com. The Global Banking division provides banking services, including investment banking and lending products to businesses. This translates into exciting jobs and international careers for experienced professionals, students and graduates. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. [92] Copyright 2022 German American Bank. Bank of America's Ken Lewis said during the announcement, "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest. As America's largest bank, we have a responsibility to make good on the taxpayers' investment, and our record shows that we have been able to fulfill that commitment while continuing to lend. Do you want to raise the bar on what you can accomplish? It's more than a local tale", "BankAmerica, 1st Interstate Merger Seen Leading to Cuts in Staff and Branch Closings", "BankAmerica Takes Over at Security Pacific: Acquisitions: The merger becomes official today, creating the nation's second-largest banking company", "Bank takes famous name, poises for future", "Continental Illinois and Continental Illinois and 'Too Big to Fail', "BankAmerica Adds 4 Traders To Its High-Yield Bond Sector", "BankAmerica Agrees to Pay $540 Million for Robertson", BankAmerica to Buy Robertson, Stephens Investment Company, "Shaw, Self-Styled Cautious Operator, Reveals It Has a Big Appetite for Risk", "BankAmerica's Coulter to Step Down Oct. 30", "Surprise BofA Losses Trigger Plunge in Stock", "Nations Bank Drives $62 Billion Merger: A New BankAmerica: Biggest of U.S. Banks", "BOA to 'paint the town red' with LaSalle name change", "Bank of America Chief Resigns Under Fire", "Countrywide Gives Bank of America $447million Gain", "Bank of America to buy Countrywide for $4billion", "Countrywide Financial Corporation Thirteen Month Statistical Data for the period ended December 31, 2007", "BofA completes deal for Countrywide Financial", "Bank of America May Not Guarantee Countrywide's Debt", "BofA settles unfair lending claims for $335 million", "Wachtell, Shearman, Cravath on Bank of America-Merrill Deal", "Bank of America Said to Walk Away From Lehman Talks (Update1)", "Lehman Files for Bankruptcy; Merrill Is Sold", "AFP: Temasek could profit on Merrill takeover: economists", "Singapore's Temasek defends costly Bank of America exit", "Bank of America Completes Merrill Lynch Purchase", "Bank of America Moves Chai; Berkery Said to Depart", "Bank of America to Receive Additional $20billion", "Bank Chief Tells of U.S. Pressure to Buy Merrill Lynch", "BofA documents, e-mails show pressure to buy Merrill Lynch", "Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm", "Merrill Bringing Down Lewis Gives Bank 30% Profits as 'a Steal', "Bank of America Settles Suit Over Merrill for $2.43 Billion", "Bank of America gets big government bailout", "U.S. pushed Bank of America to complete Merrill buy: report", "A.I.G. At Credit Suisse we have a range of exciting positions for experienced professionals where you can grow your skills. [113] As of 2021, Bank of America is the 9th largest bank by deposits in all of Ohio. Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. [85], Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy, and wire fraud charges. SVBers can enroll in our core benefits programs, plus take advantage of customized perks and offerings. As a school leaver we offer you apprenticeships and high school programs in Switzerland for your ideal career start. [134] In September 2012, BofA settled out of court for $2.4 billion in a class action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.[135]. And all this is done at the expense, not only of the shareholders but also of the truth. [57] This acquisition made Bank of America the largest financial services company in the world. Now take the next steps and find the right position for you. Because helping you reach your goals is our goal. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. After his identity was verified with both his California state ID card and his Bank of America card, Coogler was released and the bank released an apology statement. Find out if we fit together. Were looking for like-minded people who share our values. Case: SEC v. Bank of America Corp., 09-cv-06829, United States District Court for the Southern District of New York. The deceptive marketing misconduct involved telemarketing scripts containing misstatements and off-script sales pitches made by telemarketers that were misleading and omitted pertinent information. Bring your specialist vision and ambition to our collaborative team working at the cutting edge of banking innovation and financial leadership. Si lo prefieres, puedes seguir consultando esta informacin en el idioma disponible, o por el contrario, ir a la pgina de inicio. We believe were all happier and healthier people when were well. [174], In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2billion in government bailout money via the bailout of American International Group. [95] It represented the company's largest foray into China's growing banking sector. Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America stock was a sure investment. We understand that unique qualifications and diverse experiences can lead to inventive ideas and cutting-edge approaches. [140] In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote. We provide a stimulating, welcoming working atmosphere so you can learn from our experts and make your mark in real-world tasks. On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states. Join us. Help meet clients wealth and investment planning needs with our suite of integrated products and services. [58] Temasek Holdings, the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake. We understand that unique qualifications and diverse experiences can lead to inventive ideas and cutting-edge approaches. By 2018, the number of mobile users has increased to 25.3 million and the number of locations fell to 4,411 at the end of June. In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC). "[78] A federal judge, Jed Rakoff, in an unusual action, refused to approve the settlement on August 5. During the 10-12 week program, participants will be enriched with a deeper understanding of the financial services industry, have interacted with senior leaders and our teams, and completed meaningful projects which will focus on making a positive impact on local communities. [43], Ken Lewis, who had lost the title of chairman of the board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. [44][45], On August 23, 2007, the company announced a $2billion repurchase agreement for Countrywide Financial. US Trust had about $100billion of assets under management and over 150 years of experience. At the time of merger, FleetBoston was the seventh largest bank in United States with $197billion in assets, over 20 million customers and revenue of $12billion. The locations were converted to Huntington National Bank branches in September. In 2001, McColl stepped down and named Ken Lewis as his successor. Grow with a global, innovative financial institution that's transforming the client experience. Data Protection Information for Candidates (PDF), CCPA Annual Privacy Notice for Candidates (California Residents Only) (PDF), Swiss apprenticeships and high school programs, UK apprenticeships and school leaver programs. Bank of America Sued for Seizing Wrong Homes", "Wikileaks plans to make the Web a leakier place", "WikiLeaks' Julian Assange Wants To Spill Your Corporate Secrets", "Bank Of America Shares Fall On WikiLeaks Fears", "Bank of America Suspends Payments Made to WikiLeaks", "Bank of America Wants You to Know Its Executives Don't Suck", "Bank of America Prepares to Get WikiLeaked by Buying Up Negative Domain Names", "Hundreds of anti-BofA websites registered", "Bank of America buys up critical domain names", "Anonymous' Perplexing Leak of Bank of America Documents", "Bank Of America Anonymous Leak Alleges 'Corruption And Fraud', "Bank of America, QBE to settle insurance lawsuit for $228 million", "Bank Of America's Offer To Homeowners: We'll Modify Loans If You'll Erase All The Mean Things Said About Us On Twitter", "Bank of America's new policy to limit credit exposure to coal", "Black Panther Ryan Coogler director mistaken for bank robber", "Black Panther' Director Ryan Coogler Wrongly Targeted As Bank Robber", "Black Panther' Director Ryan Coogler Was Mistaken for a Bank Robber: 'This Situation Should Never Have Happened', "Florida Architecture: 100 Years. In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. From a naming perspective, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco. That's why we seek agile and dynamic team members with different backgrounds to unite around a common goal: client satisfaction. We help millions of people prosper and realise their dreams, employees participating in community activities. Lo sentimos, la pgina que buscas no est disponible en el idioma seleccionado, Information for shareholders and investors, Corporate governance and remuneration policy, Santander International Banking Conference, Santander X Global Challenge I Blockchain and Beyond, Santander X Global Challenge I Finance for All, CFTC and SEC Swap and Security-Based Swap Disclosures and Notices, Significant equity shareholdings and treasury stock, Offer to acquire outstanding shares and ADSs of Banco Santander Mexico (November 2021), Policy on Communication and Engagement with Shareholders and Investors, Rules and Regulations of the Board of Directors, Rules and Regulations for the General Shareholders' Meeting. [28] Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada. The Global Markets division offers services to institutional clients, including trading in financial securities. A Dutch court blocked the sale until it was later approved in July. The skyscraper is located at 100 North Tryon Street, and stands at 871ft (265 m), having been completed in 1992. [40] The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998. Director - Treasury Sales Officer - Global Transaction Services, Frankfurt, All Jobs in Frankfurt, Germany Area (Germany), The Ultimate Job Interview Preparation Guide. That bank merged with American Trust Company in 1958 to form American Commercial Bank. David Rosenfeld represented the SEC, and Lewis J. Liman, son of Arthur L. Liman, represented the bank. Giannini", "Five Largest U.S. Investment Banks Have Over $1.5 Trillion In Securities Trading Assets", "The 15 biggest wealth managers in the world", "Bank of America on the Forbes Global 2000 List", "Fortune 500 Companies 2020: Who Made the List", "World's best bank 2018: Bank of America", "Bank of America | History, Services, Acquisitions, & Facts", "Here's what to know about the area's biggest employers", "Settlement: Part II - Italian American Museum of Los Angeles", "World's biggest bank (Fortune Classics, 1947)", Transamerica Corporation, a corporation of Delaware, "FDIC Law, Regulations, Related Acts - Bank Holding Company Act", "Remember Seafirst? We're more than a bank, we're a team of life changers. [110], In February 2018, Bank of America announced it would expand into Ohio across the state's three biggest cities (Cleveland, Columbus, and Cincinnati), which are strongholds of Chase. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector. Each one of our 450 employees in Frankfurt are focused on Germanys rapidly growing foreign trade business. SVB works with businesses across the innovation landscape, delivering banking solutions designed with our clients business and industry in mind. [182], American multinational banking and financial services corporation, This article is about a commercial bank unaffiliated with any government. And we need people with multifaceted talents to do it, across disciplines, businesses and teams. [125], In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs. [72] Since then, members of the U.S. Congress have expressed considerable concern about how this money has been spent, especially since some of the recipients have been accused of misusing the bailout money. Countrywide, however, denied that it was close to bankruptcy. 3438 In: Branch Banking California. [15] Two years later it became North Carolina National Bank when it merged with Security National Bank of Greensboro. We want to talk to you. We embrace and support diverse families, however theyre defined. Work at the heart of international finance, creating opportunities and making an impact as a vital part of our global team. Calibuso, et al. [56] Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. [149] Malik received an eight-figure settlement in July. Prosecutors did not immediately say whether they would appeal the rulings. [87][88] On May 23, 2016, the Second U.S. "Statewide Expansion" pp. Sie knnen diese E-Mails jederzeit abbestellen. JPMorgan Chase & Co. All rights reserved. It includes the businesses of Global Corporate Banking, Global Commercial Banking, Business Banking, and Global Investment Banking. It includes the businesses of Merrill Lynch Global Wealth Management and U.S. Trust and represented 21% of the company's total revenue in 2016. Find a new home for your skills, ideas and ambitions. Let SVB experts help your business with the right mix of products, services and strategic advice. [22] Help evolve our clients digital future with a focus on artificial intelligence, machine learning and robotics. [50] The acquisition was seen as preventing a potential bankruptcy for Countrywide. Are you curious and eager to develop new skills? It also sold Bank of America and Italy to Deutsche Bank. [155][156] In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. Bring your sense of purpose to our open positions for experienced, motivated professionals. Our experts will work directly with the Recruiting team to ensure every reasonable effort to support each applicant in the opportunity to compete equitably and to the best of their capability. [25], BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America. All over the world, one of our key focuses is to develop new talent and welcome young professionals in our experienced teams. Wherever you are in your financial journey, in addition to our robust compensation packages and retirement plans, we have targeted resources to help you along the way. Explore what's possible with a career at German American. NationsBank president, chairman, and CEO Hugh McColl, took on the same roles with the merged company. Please review its terms, privacy and security policies to see how they apply to you. Register for upcoming live webinars and access recorded webinars to learn about the latest trends for your business and industry. [16][17] In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely. [25] Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. [citation needed]. Suit Over Merrill Deal", "Judge blocks Bank of America-SEC bonus settlement", "Judge Attacks Merrill Pre-Merger Bonuses", "Judge Rejects Settlement Over Merrill Bonuses", "Bank of America $150million SEC Accord Is Approved", "Executive Compensation: How Much is Too Much? This particular branch was later acquired by Alaska-based Northrim Bank and moved across the street to the Linny Pacillo Parking Garage. The Bank of America Building (Providence) opened in 1928 as the Industrial Trust Building and remains the tallest building in Rhode Island. BankBoston N.A. Discover all our opportunities in our Berlin offices, Copyright 2022 Deutsche Bank AG, Frankfurt am Main, Discover how we are placing inclusion at the heart of our culture. Do you care about building strong relationships with those around you? The company is also a mortgage servicer. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities. German American strives toattract, develop, andretaintalented individuals in every community we serve. [161], In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information which would turn a major U.S. bank "inside out". The additional payment was part of a deal with the U.S. government to preserve Bank of America's merger with Merrill Lynch. For the French illustrator, see, Articles and topics related to Bank of America, $17 billion settlement with Justice Department, Decision not to finance makers of military-style guns, Purchasing of 300 Internet domains in apparent preemptive PR campaign, Settled $228 million lawsuit claiming involvement in kickbacks and inflating insurance costs forced on homeowners, "Repeatedly has deceived" mortgagors, and then "impeding" investigation - said State of Arizona. In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, to supplement its existing commercial lending and investment businesses in the area. The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. According to the Bureau, roughly 1.4 million customers were affected by deceptive marketing of add-on products, and 1.9 million customers were illegally charged for credit monitoring and reporting services they were not receiving. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online. [20] There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the eighth-largest bank in the world. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank. 1,342 [citation needed] The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. It competes primarily with the retail banking arms of America's three other megabanks: Citigroup, JPMorgan Chase, and Wells Fargo. [39] The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. It's about giving our clients consistent and clear expert advice. Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or 'legacy shareholders, an improvement on the prior $33million while still "paltry", according to the judge. SVB is not responsible for (and does not provide) any products, services or content at the third party site or app, except for products and services that carry the SVB name. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated[64] with the government as part of the government-persuaded deal for the bank to acquire Merrill. BNY Mellon recognizes that being future-forward means implementing new technologies and new ideas. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. The bank announced it had completed the repayment on December 9. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. Shaw suffered significant loss after the 1998 Russia bond default. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share. Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The Consumer Banking organization includes over 4,600 retail financial centers and approximately 15,900 automated teller machines. [16] At BNY Mellon, we know that a diversity of experiences lead to greater teamwork and inventive solutions to modern-day problems. List of largest banks in the United States, "Bank of America Corporation 2020 Annual Report (Form 10-K)", "2021 Proxy Statement Bank of America Corporation", "Who Made America? Through a number of mergers, it was later known as the Industrial National Bank building and the Fleet Bank building. Accessibility for Applicants with Disabilities. We know that people do their best work in environments where they feel safe, heard, respected and supported. What is your approach when facing a difficult decision? In the first quarter of 2014, Berkshire bank purchased 20 Bank of America branches in Central and eastern New York for 14.4 million dollars. [154], In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. [74], As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret "memorandum of understanding" (MOU) from the U.S. government that requires it to "overhaul its board and address perceived problems with risk and liquidity management". Well-known for stock and bond underwriting and mergers & acquisitions, J.P. Morgan's Investment Banking isn't just about deals. [citation needed] In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence. SVB is proud to offer a wide variety of benefits to support your career growth. Consumer Banking, the largest division in the company, provides financial services to consumers and small businesses including, banking, investments, and lending products including business loans, mortgages, and credit cards. Learn about our core markets and offices we have around the world. We're continually pushing against the status quo. All rights reserved. It's time for a new challenge. On April 18, 2012, the AIA's Florida Chapter placed it on its list of Florida Architecture: 100 Years. Complete your banking transactions with ease and security. As we keep reinventing ourselves for the digital age, youll find that with us, even your smallest action will have a massive impact. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century. [5] Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. Its primary financial services revolve around commercial banking, wealth management, and investment banking. Choosing a new job is a big step. Through data, insights, and advanced technology, we shine a light on the future. [136] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and indirect payments to the states and the federal government. *The location of origin is defined in your browser settings and may not be identical with your citizenship and/or your domicile. Following the passage of the Bank Holding Company Act of 1956 by the US Congress,[24] BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries. [109] By 2021, Bank of America had moved up to 12th in the market. Though Armacost blamed the problems on his predecessor, A.W. Credit Suisse offers you best-in-class training, competitive benefits and international expertise. Merrill recorded an operating loss of $21.5billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. [121] In 2010, the bank completed construction of the 1 Bank of America Center in Charlotte center city. When we understand others, we make more informed decisions and build better relationships. Klicken Sie auf den Link in der E-Mail, die wir an gesendet haben, um Ihre E-Mail-Adresse zu besttigen und die Jobbenachrichtigung zu aktivieren. We provide clearly defined, transparent development pathways to help you grow both personally and professionally. [157][158][159] More recently, the bank has been criticized for allegedly seizing three properties that were not under their ownership, apparently due to incorrect addresses on their legal documents. On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.