The Attorney General’s Office announced today that Bank of America will pay $67 million under a multi-state settlement for its involvement in a nationwide scheme to rig bids and engage in other anti-competitive conduct that defrauded state agencies, municipalities, school districts and not-for-profit entities in their purchase of municipal bond derivatives.
NJ TO RECEIVE OVER $1 MILLION IN BANK OF AMERICA SETTLEMENT
The multi-state settlement is one component of an overall, $137 million settlement Bank of America is entering into simultaneously with the U.S. Securities and Exchange Commission, the federal Office of the Comptroller of the Currency, the Internal Revenue Service, the Federal Reserve and 20 states, including New Jersey.
The combined settlements will provide restitution to state agencies, municipalities and non-profits — both within New Jersey and throughout the United States — who entered into municipal bond derivative investments with Bank of America and were injured by the scheme. Eligible New Jersey entities will receive a total of approximately $1.4 million under the settlement.