California To Recoup $300M for Pension Funds in Bank of America Investment Settlement
On Friday, California Attorney General Kamala Harris' (D) office announced that the state will receive $300 million in damages from Bank of America to reimburse the state's pension funds for money it lost investing in mortgage-backed securities through the bank. The money is part of a $16.65 billion settlement regarding Bank of America's handling of mortgage-backed securities before 2009.
- "California To Recover $300 Million for Pension Funds in Bank of America Settlement" (Contra Costa Times, 8/23).