B of A Resolves Claims With $36 Million Settlement.

• Position: Brief Article

State agencies, public corporations and municipal governments will share in a settlement of a claim made against the Bank of America, Attorney General Bruce Botelho announced recently. The bank has agreed to pay $35.6 million to satisfy claims that it failed to report and pay as unclaimed property amounts representing principal and interest owed to bondholders on bonds issued by state and municipal entities.

The settlement also addresses claims for refund of excessive fees for services rendered and investment earnings lost on money in the bank's custody. The settlement was reached with the assistance of a professional mediator.

For decades, the Bank of America and other banks it...