Bloomberg Law
Jan. 10, 2017, 5:00 AM

Bank of America Sued for $542 Million Over FDIC Risk Rule

Bank of America Corp. owes the Federal Deposit Insurance Corp. at least $542 million for deposit insurance that it refuses to pay, the U.S. regulator claimed in a lawsuit (Fed. Dep. Ins. Corp. v. Bank of America, N.A., D.D.C., 17-cv-36, complaint filed 1/9/17).

The bank ignored FDIC instructions on how to account for its exposure to counterparties, according to the agency, which sued Jan. 9 in federal court in Washington over payments in the last three quarters of 2013 and all of 2014. The total dating to 2011 exceeds $1 billion, according to the FDIC, which said it may ...

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