Bank of America Still Looking for SEC Relief in $16.7 Billion Negotiation.
Bank of America Corp {BAC.N} is still trying to get a charge waiver from the U.S. Securities and Exchange Commission over a $16.7 billion (10.52 billion pound) settlement including bad home loans.
Bank of America reached a record $16.65 billion settlement with the U.S. government to settle charges it misguided investors right into buying toxic mortgage-backed securities.
Securitized home mortgages were a major cause of the 2007-2009 financial crisis.
Baseding on Bloomberg, Bank of America’s lawyer, Gary Lynch, asked that added sanctions tied to the settlement be waived. He argued the banking it is being unfairly treated compared with various other firms that were provided waivers in similar cases.
The disagreement is over a penalty that can stop Bank of America from selling investments in hedge funds, Bloomberg said.
A vote on the waivers scheduled for last week was scrapped at the last minute, Bloomberg reported, citing one of the people. The SEC's staffs have suggested that the commissioners authorize the relief, it said.
Bank of America might not be reached for comment outside regular U.S. working hours.
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