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Federal court orders Bank of America to pay FDIC $540m

Bank of America logo on phone behind stock market
Photo: Cheng Xin/Getty Images

Alexander Barzacanos

1 min read
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The remedy is a quarter of what the agency had previously sought.

US District Judge Loren AliKhan ordered Bank of America to pay the Federal Deposit Insurance Company (FDIC) $540m over charges that it underpaid the agency what it owed for deposit insurance under a 2011 rule that required banks to aggregate closely related counterparty risk. The decision, issued on March 31,

The FDIC

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