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. (BANA). 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 financial impact was reflected in the company's third-quarter 2026 earnings, which saw a $0.17 reduction in diluted earnings per share due to the settlement charges, leading to a nearly 5% drop in stock price.
Tickers: $BAC
Topics: Bank of America FinCEN Enforcement Lawsuit Regulatory Penalties Securities Fraud