NEW YORK (AP) - A federal judge has ordered Bank of America to pay more than $540 million to settle a long-running dispute with a U.S. regulator that claimed the company underpaid mandatory deposit insurance fees.
The order, reached March 31 and made public Monday, comes more than eight years after the Federal Deposit Insurance Corporation sued Bank of America in 2017.
"We are pleased with the judge's ruling, and we have reserves to reflect that decision," Bank of America said in a statement to the Associated Press. The FDIC declined to comment Tuesday.
Back in 2017, the FDIC accused Bank of America of refusing to pay more than $500 million - later expanding that amount to $1.12 billion - and claimed the banking giant failed to comply with a 2011 regulatory rule and "unjustly enriched itself" at the FDIC's expense.
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