Bank of America has recently been the target several lawsuits over its business practices. the settlement is only a small portion of the original principal balance of $424 billion covering 530 trustee. The settlement also includes an additional $5.5 billion in mortgage-related charges and BOA said it will also end up paying $2.6 billion in goodwill expenses.
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Bank of America to pay $8.5 billion to settle bad mortgage-backed securities claims