BoA offers over US$16 billion in federal deal

This would be the biggest settlement in corporate US history

[NEW YORK] After months of lowball offers and heels dug in, it took only 24 hours for Bank of America (BoA) to suddenly cave in to the government, agreeing to the largest single federal settlement in the history of corporate America.

The tentative deal - which people briefed on the matter said would cost the bank more than US$16 billion to settle investigations into its sale of toxic mortgage securities in the run- up to the financial crisis - started to take shape last week after the Justice Department...

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