Big Banks Investigated by New York Financial Regulator
The latest bank to withdraw from lawsuits challenging the 2009 restructuring of MBIA (NYSE:MBI) is Bank of America (NYSE:BAC). Four remaining banks are moving ahead with legal claims against the bond insurer, and BNP Paribas (BNPQY.PK) and UBS (NYSE:UBS) are among them. Trading in a 52-week range of $4.92 to $15.31, BAC shares recently traded at $6.84, up $0.21, or 3.17%.
Bank of America (NYSE:BAC) and Citigroup, Inc. (NYSE:C) are among several large banks that are reportedly being investigated by New York’s financial regulator, over whether they overcharged customers on force-place insurance. Two other banks said to be part of the investigation are JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Company (NYSE:WFC). In a trading range of 52-weeks,of $21.40 to $51.50, C shares recently traded at $31.29, up $1.29, or 4.3%.
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