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Bank Of America Given Permission To Pay $16.7 Billion Fine

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It's a great day in Moynihan Land.

The U.S. Securities and Exchange Commission has resolved an impasse over punishing Bank of America Corp. in a mortgage case, clearing the way for the lender to complete a $16.7 billion global settlement, people familiar with the matter said. In a private meeting yesterday, SEC commissioners voted to waive most of a set of additional sanctions that would kick in when the settlement is entered into court, according to the people, who asked not to be named because the decision hasn’t been made public. The bank did get hit with a penalty that takes away its ability to issue more shares or bonds without SEC approval each time. The SEC decision came as Bank of America and the agency were reaching a deadline for having a federal judge in North Carolina sign off on the settlement. The two sides had twice sought more time from the court as negotiations dragged on.

Bank of America Granted Penalty Relief After SEC Compromise [Bloomberg]


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