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BAC.US
id: 1031, Created by , Scout

Bank of America (BAC) Fines and Restitution to Customers Case

  • On July 11, 2023, Consumer Financial Protection Bureau (CFPB) announced that Bank of America would pay $250 million in fines and restitution to customers for multiple violations.
  • On it, $BAC fell 1.89%, losing $4.42B+ of shareholder value on July 14.
  • Investors may have grounds to suspect Bank of America of unlawful activities, which led to their losses.
On July 11, 2023, the Consumer Financial Protection Bureau (CFPB) announced that Bank of America would pay $250 million in fines and restitution to customers for improperly charging extra fees, withholding rewards, and opening unauthorized credit-card accounts.

On this news, on July 14, 2023, $BAC fell 1.89% and lost over $4.42 billion of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Bank of America failed to timely disclose its unlawful actions, which led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
14 July 2023
Collecting participants…

Bank of America Corp

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, la...

    Ticker
    BAC.US
    ISIN
    US0605051046
    CIK
    70858
    Sector
    Financial Services
    Industry
    Banks - Diversified
    Country
    USA
    Address
    Bank of America Corporate Center, Charlotte, NC, United States, 28255