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.
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