Bank of America escapes $1.3bn fine after court declines to go back on decision
Bank of America has dodged a $1.3bn (£990m) fine, after a US court decided to drop the issue.
The 2nd US Circuit Court of Appeals in New York opted not to reconsider its previous decision to overturn the bumper penalty the bank had been initially slapped with after a jury decided the lender was liable for mortgage fraud in the run up to the 2008 financial crisis.
Manhattan US Attorney Preet Bharara’s office had approached the appeal court in an effort to make it change its mind and to have a three-judge panel pick over the case. The court was also urged to at least offer government the opportunity to pursue a retrial.
Bank of America and the US Attorney’s Office for the Southern District of New York both declined to comment.
Source: CITYA.M.
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