Bank of America Corp. and the New York Stock Exchange were among dozens of exchanges, brokerages and traders sued over high-frequency trading by the city of Providence over claims they rigged securities markets to divert billions of dollars from buyers and sellers of shares.
Bank of America Corp. asked a judge to dismiss a U.S. Justice Department lawsuit in which it is accused of misleading investors about the quality of loans tied to $850 million in mortgage-backed securities.
Bank of America Corp. CEO Brian T. Moynihan won permission last month for the firm’s first dividend increase since the financial crisis. Now he’s under pressure to salvage the payout after the company mistakenly inflated capital levels by about $4 billion.
Banco Santander SA, Spain’s biggest bank, reported first-quarter profit that beat estimates on increased U.K. income and announced a 4.7 billion-euro ($6.5 billion) bid to buy out its Brazil unit.
Bank of America Corp. fell the most in a year after suspending a dividend increase and $4 billion of planned share repurchases because of an error in its stress-test submission to the Federal Reserve.
By Michael J. Moore and Zachary Tracer Bloomberg News
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