Bank of America Must Pay $540 Million in FDIC Risk-Rule Suit (1)

Bank of America Corp. must pay $540 million in a long-running fight with the Federal Deposit Insurance Corp., after a federal judge ruled the company shortchanged the agency on funds meant to protect customers and the stability of the US financial system.

The bank was liable for “lawfully payable” assessments, though far less than the nearly $2 billion that the agency had sought, US District Judge Loren AliKhan said in a court filing posted Monday in Washington.

The FDIC, which runs the US deposit-insurance fund, sued in 2017 after Bank of America refused to make additional payments under a ...