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| Article Title | Sentiment | Date | Summary | Stock | Id | Author |
|---|---|---|---|---|---|---|
| Article Title | Sentiment | Date | ||||
| Bank of America, Weighed by Legal Costs, Posts Loss | -26 | 2014-04-16 00:00:00 | The bank recorded $6 billion in legal costs, which led it to report a $276 million loss in the quarter. The bank does not do much to help investors project how much in legal expenses it will record each quarter. PhotoBank of America delivered an unwelcome surprise to its investors, as the bank disclosed larger-than-expected legal expenses in the first quarter stemming from the financial crisis. Bank of America continues to grapple with the legal fallout from the mortgage lending debacle. The disappointing news shows how Bank of America is still paying for its mortgage problems nearly six years after the financial crisis. | BAC | {"Michael Corkery"} | 334 |
| Bank of America Expected to Pay Record $16.65 Billion Fine | -15 | 2014-08-21 05:40:22 | The Justice Department announced Thursday that Bank of America will pay a record $16.65 billion fine to settle allegations that it knowingly sold toxic mortgages to investors. As the country’s largest lender of mortgages, Countrywide Financial purportedly played a large role in distributing toxic loans. Since the end of the financial crisis, the bank has incurred more than $60 billion in losses and legal settlements. Mozilo has already paid the Securities and Exchange Commission a record $67.5 million settlement. Of the latest settlement, $7 billion will go to consumers faced with financial hardship. | BAC | {"Nash Jenkins"} | 337 |
| Here's our strategy | -8 | 2016-10-07 00:00:00 | Shares of Wells Fargo were changing hands near $45 in late trading Friday, compared with a 52-week high just north of $56. Responding to a question about the fake account scandal at Wells Fargo, Moynihan said, "Instead of trying to sell an additional account, we drive ... the core account. ""Get the basic checking account for a mass-market consumer and do it well," he told "Squawk Alley. Moynihan told "Squawk Alley" that he knows what it's like to be in the hot seat, because of what he went through with the Countrywide Financial debacle after the U.S. mortgage crisis. Bank of America CEO on Wells Fargo Friday, 7 Oct 2016 | 11:16 AM ET | 02:57Bank of America Chairman and CEO Brian Moynihan talks to CNBC's Jim Cramer on the changing face of the banking landscape. | BAC | {"Chris Keane","Matthew J","Bloomberg Reuters"} | 339 |
| Bank of America pays $430M in settlement for misusing customers' cash | -28 | 2016-06-23 00:00:00 | Merrill Lynch logo (Photo: Bank of America Merrill Lynch)The Financial Industry Regulatory Authority also fined Merrill Lynch $5 million over the disclosure violation. The notes were issued by Bank of America, and Merrill Lynch was responsible for drafting and reviewing the disclosure statements, the SEC said. The maneuver freed billions of dollars a week that Merrill Lynch used to finance its own trading, the SEC said. The Bank of America logo on the side of a branch office in San Francisco. Separately, Merrill Lynch agreed to pay a $10 million SEC settlement for misleading statements it gave retail investors in offering materials for structured notes linked to the brokerage's proprietary volatility index. | BAC | {"Edt June","P M","Kevin Mccoy"} | 341 |
| BofA to Pay $415 Million Over Claims It Misused Client Funds | -26 | 2016-06-23 00:00:00 | The transactions in question “lacked economic substance” and allowed Merrill Lynch to finance its own trading activities. The bank will pay $415 million over claims that its Merrill Lynch unit engaged in complex transactions to reduce the amount of client funds that had to be set aside in reserve accounts, the Securities and Exchange Commission said in a statement Thursday. Bank of America doesn’t disclose how much money it has set aside to resolve lawsuits and government probes. ‘No Substance’From 2009 to 2012, the SEC said Merrill Lynch engaged in trades that artificially reduced the amount of customer funds that had to be set aside. Bank of America Corp. admitted to wrongdoing in settling a U.S. regulator’s allegations that it misused billions of dollars in customer funds to finance trades that benefited the firm. | BAC | {"Matt Robinson Laura J Keller","Laura J Keller","Matt Robinson"} | 343 |
| Bank of America Penalty Thrown Out in Crisis-Era ‘Hustle’ Case | -9 | None | The court on Monday also tossed out a $1 million civil penalty against Rebecca Mairone , a former executive at Countrywide Financial Corp., who was one of the few individuals fined for alleged misdeeds... An appeals court dealt the Obama administration a major setback in its efforts to levy tough fines on corporations and executives, overturning a civil mortgage-fraud case against Bank of America Corp. tied to the financial crisis. | BAC | {"Aruna Viswanatha","Christina Rexrode","Christina Rexrode Wsj Com","Aruna Viswanatha Wsj Com"} | 344 |
| Bank of America's $16 Billion Mortgage Settlement Less Painful Than It Looks | -17 | 2014-08-21 00:00:00 | Take the latest, and largest, mortgage settlement. Shares of Bank of America jumped 4 percent on Thursday, suggesting investors believe that the bank could take the settlement in stride. Bank of America has agreed to a $16.65 billion deal with federal and state authorities. Tax analysts, for instance, estimate that Bank of America could derive $1.6 billion of tax savings on the $4.63 billion of payments to the states and some federal agencies under the settlement. At issue is how much of the cost of the $7 billion in “soft dollars,” or help for borrowers, the bank will bear under the settlement. | BAC | {"Peter Eavis","Michael Corkery"} | 346 |
| Bank of America pays record $16.65B penalty | -37 | 2014-08-21 00:00:00 | Additionally, the U.S. Public Interest Research Group, a national consumer organization, on Monday questioned why portions of the Bank of America settlement would be tax-deductible. Skip Ad Ad Loading... x Embed x Share Bank of America has agreed to pay $16.65B, $7B of which will be for consumer relief. File photo taken in 2014 shows a Bank of America sign at a branch office in Philadelphia. Despite the settlement's breadth, Bank of America said it does not cover potential criminal claims or claims against individuals. For Bank of America, the record-breaking settlement significantly boosts the more than $60 billion that the Charlotte, N.C.-headquartered bank has already spent to resolve legal issues stemming from the financial crisis. | BAC | {"Kevin Johnson","Usa Today","Edt August","P M","Kevin Mccoy"} | 347 |
| Bank Of America Corp.(BAC) Accused Of Gender Bias And Malpractice By Senior Female Executive | -24 | 2016-05-18 10:45:30+00 | “We take all allegations of inappropriate behavior seriously and investigate them thoroughly,” a spokesman for the bank reportedly said in response to the lawsuit. This is not the first time a Wall Street giant has been accused of gender bias. A senior female employee of the Bank of America has sued the lender for allegedly misleading its trading clients and discriminating against her and other women. The complaint also states that in her eight years at the Bank of America, Messina had been underpaid by $8.25 million. Messina also accused the bank of treating her “like a summer intern” and women in her position as “second-class citizens” by paying them significantly less than their male peers. | BAC | {} | 450 |
| Bank of America misled trading partners | -28 | 2016-05-18 00:00:00 | (Photo: Matt Rourke, AP)A female Bank of America (BAC) executive has filed a federal lawsuit accusing the nation's largest bank of misleading trading partners, discriminating against her based on gender and condoning a "bro's club" workplace with "all-male sycophants. According to the lawsuit, Bank of America improperly traded ahead of Citibank's internal investing group — a practice known as front-running — on March 2016 transactions involving collateralized loan obligations. Two Bank of America accounts, Blackstone and Anchorage, subsequently complained about the procedure, the lawsuit alleged. Instead, she filed the discrimination lawsuit, which also accused the bank of violating whistleblower protection requirements. File photo taken in 2014 shows a Bank of America sign in Philadelphia. | BAC | {"A M","Edt May","Kevin Mccoy"} | 583 |
| BofA Said to Drop Galp Sale Linked to Billionaire Dos Santos | -17 | 2016-09-25 00:00:00 | Societe Generale SA was sole manager of the Galp sale, its biggest block sale mandate this year, according to data compiled by Bloomberg. Dos Santos’s father, Angolan President Jose Eduardo dos Santos, named her chairwoman of state oil company Sociedade Nacional de Combustiveis de Angola, known as Sonangol, in June. Isabel dos Santos is Africa’s richest woman, with a net worth of $2.2 billion, according to Bloomberg Billionaires Index. Sonangol, through its subsidiary Esperanza Holding BV, owns a 45 percent stake in Amorim, according to disclosures from Galp. A spokesman for Dos Santos had no immediate comment. | BAC | {"Ruth David"} | 744 |
| Bank of America Sees China Crisis, BlackRock Only Bumps in Road | -15 | 2016-09-28 00:00:00 | The session gave a snapshot of views on the risks posed by China’s explosive debt growth since the global financial crisis. The Basel-based Bank for International Settlements said earlier this month that a warning indicator for the nation’s banking stress has risen to a record. The “bumps along the way” could include trust and corporate-bond defaults as implicit guarantees disappear, leading to increased funding costs for some companies, she said. While Cui didn’t argue that a crisis was imminent, he said that it could happen at “any time”and seemed to be inevitable, because it was almost impossible for China to grow out of its debt problem. While the government needs to move urgently in areas including the restructuring and refinancing of debt, it hasn’t run out of time yet, Zhu argued. | BAC | {"Paul Panckhurst Kana Nishizawa","Paul Panckhurst","Kana Nishizawa"} | 782 |
| Bank of America accused of running a ‘bros club’ that underpaid female executives | -13 | 2016-05-17 00:00:00 | In the lawsuit, Messina, describes a “bros club” at one of the country’s largest banks that penalized her for being a woman. Messina joined Bank of America in 2007 and was promoted to managing director in 2011, according to the lawsuit. She alleges that after she voiced concerns to her superiors about the alleged gender discrimination, Bank of America tried to push her out. Bank of America Corp. reports quarterly financial results on Wednesday, July 16, 2014. Bank of America sign in Philadelphia. | BAC | {"Renae Merle Covers White Collar Crime Wall Street For The Washington Post"} | 860 |
| Five banks sued in U.S. for rigging $9 trillion agency bond market | -18 | 2016-05-19 00:26:04+00 | Gudka previously worked at Deutsche Bank, Manku at Bank of America, and Pau at Credit Agricole, the complaint said. Bank of America, Credit Suisse, Deutsche Bank and Nomura declined to comment on behalf of themselves and the traders who have worked for them. Credit Agricole did not immediately respond to a request for comment. One such lawsuit, concerning competition in the credit default swaps market, led last September to a $1.86 billion settlement with a dozen banks. "Only through collusion could a dealer quote a wider spread than market conditions otherwise dictate without losing market share and profits," the complaint said. | BAC | {"Jonathan Stempel"} | 912 |
| 10th Circuit revives racketeering claims against Bank of America | -7 | 2016-08-16 19:15:22+00 | Bank of America and a Colorado outsourcing firm will have to face a lawsuit accusing them of sabotaging homeowners' efforts to modify their mortgages, a federal appeals court has ruled. Circuit Court of Appeals revives a 2013 proposed class action accusing Bank of America and Urban Settlement Solutions of violating the U.S. Racketeer Influenced and Corrupt Organizations (RICO) Act by conspiring to deny government-sponsored mortgage assistance to thousands of qualified homeowners. To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2aYnAqG The decision on Monday by the 10th U.S. | BAC | {"Reuters Editorial"} | 925 |
| BofA Settles Gender-Bias Lawsuit With ex-Managing Director | -23 | 2016-09-21 00:00:00 | Bank of America persuaded the judge to remove parts of Messina’s claims from the public record in late August. Bank of America Corp. and a former managing director agreed to settle a lawsuit in which she accused the institution of being a "bros club" that favored male employees. The case is Messina v. Bank of America Corp., 1:16-cv-03653, U.S. District Court, Southern District of New York (Manhattan). That’s standard legal language in lawsuit dismissals and doesn’t necessarily indicate there was no financial settlement. Messina also accused the bank of front-running -- or trading ahead of client orders -- as well as lying to customers and manipulating prices. | BAC | {"Christian Berthelsen Laura J Keller","Christian Berthelsen","Laura J Keller"} | 338 |
| Bank of America to Pay $415 Million to Settle S.E.C. Inquiry | -47 | 2016-06-24 00:00:00 | Separately, Merrill Lynch will pay $10 million to settle S.E.C. The activity in question, which began before Bank of America bought Merrill Lynch in January 2009, coincides with the height of the financial crisis. Merrill Lynch’s merger with Bank of America came as the bank faced steep losses; Bank of America would eventually receive $45 billion in government bailout money. Under the customer protection rule, brokerage firms are supposed to hold customer cash in a reserve account, separate from other firm assets. Unlike Goldman Sachs, however, Merrill Lynch admitted to the violations announced on Thursday. | BAC | {"Liz Moyer"} | 342 |
| Penalty Against Bank of America Overturned in Mortgage Case | -36 | 2016-05-24 00:00:00 | The appeals court ruling means Ms. Mairone does not have to pay the $1 million penalty that the district court had ordered. In 2014, Judge Jed S. Rakoff of the Federal District Court in Manhattan ordered the bank to pay a $1.27 billion penalty in the hustle case. It also represented a departure for Bank of America, which settled most of its mortgage-related charges before they went to trial. Since 2010, Bank of America has spent $37 billion on litigation expenses, most of it related to the legal fallout from the financial crisis. But that sum is a small fraction of the tens of billions of dollars the bank has paid in legal fees and settlements related to Countrywide, which Bank of America bought in 2008. | BAC | {"Michael Corkery"} | 345 |
| Bank of America and DOJ reach $17 billion settlement over mortgage securities | -32 | 2014-08-21 00:00:00 | Public pension funds across the country invested heavily in mortgage securities in the run-up to the financial crisis. Almost $1 billion of the Bank of America settlement will go to states — California, Delaware, Illinois, Kentucky, Maryland and New York — whose attorneys general were investigating the bank or its Countrywide Financial or Merrill Lynch units. Both of the previous mortgage-securities settlements included state allocations that were used to replenish government pension funds ravaged by losses on risky mortgage bonds, West said. The pension funds took in $200 million from the Citigroup deal and $300 from the JPMorgan one. More than $1 billion of JPMorgan’s $13 billion agreement last year and $291 million of the $7 billion Citigroup deal in July went to states. | BAC | {} | 348 |
| Bank Of America Won’t Pay $1.27 Billion Penalty Stemming From Mortgage Lender Countrywide Financial, Court Rules | -17 | 2016-05-23 22:51:19+00 | Monday, the appeals court also tossed that penalty on former Countrywide Financial executive Rebecca Mairone. Bank of America won a victory over the U.S. government Monday when a federal appeals court reversed a lower court decision against the country’s second-largest bank by assets. The court sided with the bank, ruling the government did not have enough evidence to prove Bank of America liable for shoddy home loans dished out by Countrywide Financial before the bank acquired it in 2008. “The law should not be interpreted to encourage and facilitate this kind of deliberate criminality.”In 2013, a federal jury found Bank of America liable at trial. The Hustle program was in place before Bank of America acquired Countrywide, but the loans were passed on during the bank’s ownership of it. | BAC | {} | 556 |
| ‘The Escape Artists,’ by Noam Scheiber | -25 | 2012-03-11 00:00:00 | The idea of firing a chief executive filled David Axelrod and other Obama political advisers “with Machiavellian glee,” Scheiber reports. Scheiber echoes other critics who question Obama’s choice to emphasize health care reform rather than concentrate on jobs and the economy. “That Team Obama helped avert catastrophe,” Scheiber writes, is “beyond question.”The most recent statistics — released after “The Escape Artists” went to press — show the economy growing, if modestly, and unemployment declining, albeit to a still painful 8.3 percent. “We’re not going to do it,” Scheiber quotes him as telling a deputy. Lewis, as Scheiber notes, had made such egregious mistakes as the acquisition of Countrywide Financial, a subprime boiler-room operation that burdened Bank of America with an enormous portfolio of toxic mortgages. | BAC | {"Paul M"} | 781 |
| BofA says you can build a nest egg by giving up lattes and newspapers. That's terrible advice. | -17 | 2016-09-30 00:00:00 | So that leads us to wonder why it’s purveying some of the hoariest and most irrelevant cliches in the personal finance game about how to build your nest egg. The quote above about the “latte factor” comes from our former colleague Helaine Olen, who now writes on personal finance at Slate and is the author of the 2012 book “Pound Foolish: Exposing the Dark Side of the Personal Finance Industry.” She labels the latte factor the personal finance industry’s “favorite myth.”Bank of America’s small-luxury listicle is even more suspect than that. — Bank of America's irrelevant advice on personal financeWe’re not sure how long it’s been there, since we couldn’t find a bank spokesman to answer the question. One other spending category that Bank of America doesn’t address is the cost of retail banking. It advises giving up your gym membership ($1.83 a day) and running on park trails for free, for an annual savings of $448.35. | BAC | {"Michael Hiltzik","Los Angeles Times"} | 829 |