Recent Security Class Actions
Bank of America Corporation Common Stock (NYSE: BAC)
45 Days left to seek lead plaintiff status.
The complaint alleges that, throughout the Class Period, Defendants knew or recklessly disregarded, but failed to disclose, that: (i) systemic weaknesses in Bank of America, N.A. (“BANA”)’s Bank Secrecy Act (“BSA”)/anti-money laundering (“AML”) program caused it to fail to properly monitor trillions of dollars in transactions and to miss, delay, or file inaccurate or incomplete suspicious activity reports involving billions of dollars in suspicious activity; (ii) internal reports had documented BANA’s BSA/AML deficiencies for years, yet BANA had not adequately remedied them after the Office of the Comptroller of the Currency (“OCC”), an agency of the U.S. Department of the Treasury, issued a cease-and-desist order against BANA (the “2024 Consent Order”); (iii) BANA also had deficiencies in its sanctions compliance program and processed transactions later identified as apparent violations of multiple sanctions programs; and (iv) fixing these deficiencies required significant additional compliance resources and exposed BANA to substantial penalties and costs. These facts rendered Defendants’ statements about the scope of BANA’s compliance failures, its progress under the 2024 Consent Order, and the expected costs and penalties materially false and misleading.
