BofA, FDIC Given Interest Rates for $540 Million Judgment (2)

A federal judge in Washington handed down instructions for Bank of America Corp. to calculate pre- and post-judgment interest on $540 million it was previously ordered to pay a US financial regulator for underpaid deposit insurance.

Pre-judgment interest should be calculated at the “regulatory rate” set forth in Federal Deposit Insurance Corp. guidance, whereas post-judgment interest is based on a “statutory rate” for civil cases, the US District Court for the District of Columbia said in an April 3 order.

The FDIC, which runs the US deposit insurance fund, last April won a $540 million judgment against Bank of America ...