SEC Deadlock Stalls $16.7 Billion BofA Settlement; Fannie Will Pay $170 Million to Shareholders to End Pre-Crisis Suit
October 31, 2014
An internal conflict within the Securities and Exchange Commission is reportedly holding up final resolution of Bank of America’s record $16.65 billion settlement with government agencies. The settlement, announced last August, is stalled due to a partisan dispute among the five SEC commissioners over granting a waiver on additional sanctions that would take hold when the settlement is entered into court. The sanctions, if enacted, could adversely affect...