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Post by bot on Apr 26, 2014 1:29:48 GMT -5
MADRID (MarketWatch) -- U.S. prosecutors could make Bank of America Corp. pay more than $13 billion to resolve probes into the lender's sale of bonds backed by home runs in the lead-up to the 2008 financial crisis, Bloomberg reported on Friday, citing sources. Last month, the bank agreed to pay $9.5 billion to resolve Federal Housing Finance Agency claims, and the new settlement would come on top of that, those people said. Negotiations are still in the early stages, said those people, over civil probes in California, New York and New Jersey. A deal, though, could be seen in the next two months, and it could surpass J.P. Morgan Chase & Co.'s similar settlement that reached $13 billion back in November. Bank of America is one of several banks being investigated by the Justice Department over the issue. Bank of America spokesman, Lawrence Grayson and Ellen Canale, a Justice Department spokeswoman, declined to comment to Bloomberg on the report.
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