Bank of America tentatively agreed to pay between $16 billion and $17 billion to settle an investigation into its sale of mortgage-backed securities before the financial crisis, a person directly familiar with the matter said Wednesday.
The deal with the bank, which must still be finalized, would be the largest Justice Department settlement by far arising from the economic meltdown. It follows earlier multibillion-dollar agreements reached in the last year with Citigroup and JPMorgan Chase & Co.
The Wall Street Journal first reported details of the settlement on Wednesday.
The Justice Department last year reached a $13 billion settlement with JPMorgan, and last month announced a $7 billion settlement with Citigroup.
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