Bank of America Finally Pays for Deception

Bank of America Corporation (NYSE:BAC) will pay $315M to settle claims that its Merrill Lynch unit deceived investors about mortgage-backed securities. Typically, BoA refuses to confess to any misconduct despite a recent court decision involving Citigroup (NYSE:C).

In response to a question about a potential bankruptcy filing for Bank of America’s (NYSE:BAC) mortgage unit, CEO Brian Moynihan says the bank is still deliberating about its alternatives for Countrywide.

Here’s how shares of Bank of America are trading on the news:

Bank of America Corporation (NYSE:BAC): BAC shares recently traded at $5.80, up $0.01, or 0.17%. They have traded in a 52-week range of $5.03 to $15.31. Volume today was 137,938,361 shares versus a 3-month average volume of 271,659,000 shares. The company’s trailing earnings are $-0.31 per share. Get the most recent company news and stock data here >>