Bank of America Faces Class Action Lawsuit Following $1.2 Billion Regulatory Settlement
Pomerantz LLP has announced a class action lawsuit against Bank of America Corporation (BAC) following significant regulatory enforcement actions. The legal action follows an October 13, 2026, announcement by the U.S. Department of the Treasury regarding coordinated penalties totaling over $1.21 billion against Bank of America, N.A. The penalties stem from violations of the Bank Secrecy Act (BSA), where the bank admitted to willfully failing to detect or report more than $5 billion in suspicious activity. The settlement included a $1.2 billion penalty from FinCEN and an $11.6 million settlement with the Office of Foreign Assets Control. The financial impact was reflected in Bank of America's third-quarter 2026 earnings, where the regulatory charge reduced diluted earnings per share by $0.17. Following these disclosures, the company's stock price experienced a decline of nearly 5%.
Tickers: $BAC
Topics: Bank of America BSA Violations FinCEN Enforcement Regulatory Penalties Securities Fraud
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