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Bank Of America Paying $8.5 Billion To Settle Mortgage Fraud Case

06/29/2011 8:34 am 0 comments

Source: Aaron Smith / CNN Money

New York  - In the biggest reckoning of the 2008 financial crisis, Bank of America said Wednesday it will pay $8.5 billion to investors burned by fraudulent mortgage securities.

Shares of Bank of America (BACFortune 500) rose 5% in premarket trading.

The settlement involves 22 investors including BlackRock Inc (BLK,Fortune 500)., the Federal Reserve Bank of New York, MetLife Inc (METFortune 500), PIMCO, Goldman Sachs Asset Management and other financial firms.

Bank of America also said it expects to report a second-quarter net loss of between $8.6 billion and $9.1 billion, or a range of 88 cents to 93 cents per share.

To read this article in its entirety visit CNN Money.

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