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According to the New York Times, Bank of America has raised its offer to the Department of Justice to settle charges stemming from its part in the Great Recession.
As the article notes, much of Bank of America’s legal exposure stems from its acquisition of Countrywide Financial, a large subprime lender, in early 2008. Nevertheless, as Judge Rakoff’s ruling shows, Bank of America is nevertheless on the hook for the misconduct. If an overall deal is reached, Bank of America would be the most recent large bank to reach such a settlement with the DOJ.