Bank of America to pay $2.5 million to Maryland groups

More than 40 charities, nonprofits and government agencies in Maryland this week will learn if they are to receive anywhere from $5,000 to more than $300,000 as part of a settlement with Bank of America. Just in time for the holidays!

The $67 nationwide settlement was announced about a year ago.

According to Maryland Attorney General  Douglas F. Gansler, Bank of America was part of a scheme to “rig bids and engage in other anti-competitive conduct that defrauded state agencies, county governments, and non-profits in their purchase of municipal bond derivatives.” 

Overall, Bank of America agreed last year to pay a total of $137 million to settle with states as well as the SEC, IRS, the Fed, and Office of the Comptroller of the Currency.

Apparently, Bank of America wasn’t the only one accused of such questionable activity. Maryland’s AG says Maryland and other states have settled with UBS and JP Morgan for similar practices.

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