Bank of America's $1.3bn fine repealed

A $1.3bn penalty against Bank of America has been discounted after the Second Circuit of the US Court of Appeals found the bank cannot be held liable for the suspected intentional breach of contract. Bank of America was accused of a fraudulent crisis-era mortgage program; however, the judges noted the government did not present sufficient evidence proving the intent of the bank to defraud buyers of the mortgage packages.

By Dani Kass (May 23, 2016, 12:24 PM EDT) -- The Second Circuit on Monday threw out a New York district court judge's $1.3 billion penalty against Bank of America over a financial crisis-era mortgage program, determining that the bank can't be held liable for fraud for what may have been an intentional breach of contract....

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