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BAC.US
id: 1031
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.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
07/14/2023