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Bank of America Expected to Settle Huge Mortgage Case for $16.65 Billion
The Justice Department is poised to announce a $16.65 billion settlement with Bank of America over accusations that it duped investors into buying troubled mortgage securities, say people briefed on the matter — the single largest government settlement by a company in American history. Yet even as that accord nears completion, prosecutors are preparing a separate civil case against Angelo Mozilo, the man who came to embody the risk-taking for which Bank of America is now paying dearly, a rare move against a senior executive at the center of the financial crisis. The Bank of America settlement will be a coda to a ... (full story)