Bank of America (BAC) has been ordered to pay $540.3 million in a lawsuit filed by the Federal Deposit Insurance Corporation over accusations it underpaid deposit insurance contributions, Reuters reported Monday, citing a court document.
The FDIC sued the bank in 2017 for $1.12 billion, accusing it of failing to abide by rules instituted in 2011 for formulating payments to the agency, which insures all bank deposits up to $250,000, the report said.
The judge rejected Bank of America's claims that the rule was not reasonable, the report said.
Reuters quotes a Bank of America spokesperson as saying: "We are pleased the judge has ruled and have reserves reflecting the decision."
Bank of America and the FDIC did not immediately reply to MT Newswires' requests for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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