The Bank of America (BAC) settlement went on record as the biggest settlement to date, surpassing other giants settlements from mega banks.
The official settlement between the U.S. Department of Justice and BofA came in at $16.65 billion, resolving claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.
Similar settlements were reached by other banks like JPMorgan Chase (JPM) and Citigroup (C), which reached $13 billion and $7 billion settlements, respectively.
In July, Citigroup officially announced a $7 billion dollar settlement with the U.S. Department of Justice, several state attorneys general, and the Federal Deposit Insurance Corporation to settle residential mortgage-backed securities and collateralized debt obligations after industry whispers that the bank was nearing a resolution.
And back in November 2013, mega bank JPMorgan Chase signed an agreement with government agencies to end all existing legacy mortgage-backed securities issues for $13 billion.
But this chart from Reuters puts its best, ranking the biggest bank settlements in history. Which bank is on the biggest settlement chart twice? JPMorgan.