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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →The Federal Deposit Insurance Corporation (FDIC) announced on August 21, 2014, that Bank of America Corporation and other Bank of America entities would pay $1.031 billion to resolve claims brought by the FDIC as receiver for 26 failed banks. The FDIC said the funds would be distributed among those receiverships, but it did not disclose how much any individual receivership would receive. FDIC announcement
What did the FDIC receive?
The settlement amount was exactly $1,031,000,000, or $1.031 billion. The FDIC announced that the money would be distributed among the 26 receiverships for which it was acting as receiver. The announcement does not provide a bank-by-bank allocation, so the total cannot be used to calculate a reliable share for any one failed bank. FDIC announcement
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Why was the settlement paid?
The FDIC resolved claims involving alleged misrepresentations in offering documents for residential mortgage-backed securities purchased by failed banks. These were allegations resolved through settlement, not findings of liability. The FDIC also identified other claims related to Colonial Bank, including contract, tort, administrative procedure, and Freedom of Information Act claims. FDIC announcement
Securities claims and related proceedings
The FDIC described claims concerning 155 residential mortgage-backed securities in total. Within that larger figure, the release described 14 lawsuits brought or inherited by the FDIC as receiver for seven failed banks from January 2011 through January 2014, involving 63 securities. It also described objections by the FDIC, acting for 19 failed banks, to a proposed class settlement involving 92 securities. The Bank of America settlement resolved the FDIC’s claims in those 14 lawsuits and three class actions. FDIC announcement
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How does $1.031 billion fit into the broader settlement?
The FDIC’s $1.031 billion was one component of a broader $16.65 billion resolution announced by the U.S. Department of Justice on the same day. DOJ identified approximately $1.03 billion of that broader resolution for FDIC federal and state securities claims. The two figures describe different scopes: the FDIC settlement amount and the full DOJ-announced resolution. DOJ announcement
What is known about each failed bank’s share?
The FDIC’s August 21, 2014 announcement says only that settlement funds would be distributed among the 26 receiverships. It does not name the amount assigned to each receivership or describe a formula for dividing the money. The public figure therefore establishes the total for the group, not an equal per-bank payment or any particular failed bank’s recovery. FDIC announcement
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Where are the settlement terms documented?
The FDIC press release summarizes the claims and planned distribution. A settlement agreement concerning FDIC-R claims was filed with the Securities and Exchange Commission on September 30, 2014; it records the payment term and releases. SEC-filed settlement agreement
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