Bank of America Underpaid FDIC Deposit Insurance, Judge Says

Bank of America Corp. underpaid FDIC deposit insurance premiums, but a trial should be held to determine how much the bank regulator can collect from the $1.2 billion at issue, a federal magistrate judge said.

The Federal Deposit Insurance Corp. sued Bank of America to pursue the total amount that the agency says the banking giant owes for ignoring a 2011 rule and shorting its premiums between 2012 and 2014.

The agency was sufficiently clear in the 2011 rule and subsequent guidance on how the largest, most complex banks should pay for deposit insurance, according to a report and recommendation ...