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Name | Symbol | Market | Type |
---|---|---|---|
Bank of America Corporation | NYSE:BML-G | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 0.40% | 22.69 | 22.78 | 22.58 | 22.65 | 5,033 | 21:15:00 |
As filed with the Securities and Exchange Commission on October 7, 2022
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
October 6, 2022
(Exact name of registrant as specified in its charter)
Delaware | 1-6523 | 56-0906609 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
100 North Tryon Street
Charlotte, North Carolina 28255
(Address of principal executive offices)
(704) 386-5681
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Stock, par value $0.01 per share | BAC | New York Stock Exchange | ||
BAC PrE | New York Stock Exchange | |||
BAC PrB | New York Stock Exchange | |||
BAC PrK | New York Stock Exchange | |||
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | BAC PrL | New York Stock Exchange | ||
BML PrG | New York Stock Exchange | |||
BML PrH | New York Stock Exchange | |||
BML PrJ | New York Stock Exchange | |||
BML PrL | New York Stock Exchange | |||
Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIII (and the guarantee related thereto) | BAC/PF | New York Stock Exchange | ||
5.63% Fixed to Floating Rate Preferred Hybrid Income Term Securities of BAC Capital Trust XIV (and the guarantee related thereto) | BAC/PG | New York Stock Exchange | ||
Income Capital Obligation Notes initially due December 15, 2066 of Bank of America Corporation | MER PrK | New York Stock Exchange | ||
BAC/31B | New York Stock Exchange | |||
BAC PrM | New York Stock Exchange | |||
BAC PrN | New York Stock Exchange | |||
BAC PrO | New York Stock Exchange | |||
BAC PrP | New York Stock Exchange | |||
BAC PrQ | New York Stock Exchange | |||
BAC PrS | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 8.01. | Other Events. |
On October 6, 2022, Bank of America Corporation (the “Corporation”) and certain wholly owned subsidiaries entered into an agreement with Ambac Assurance Corporation (together with its subsidiaries, “Ambac”) to resolve all pending Ambac lawsuits against the Corporation and its subsidiaries previously disclosed in the Corporation’s Annual Report on Form 10-K for the fiscal year ended 2021, and in prior U.S. Securities and Exchange Commission (“SEC”) reports. As disclosed in those filings, the pending lawsuits, with damages claims of more than $3 billion, were brought by Ambac against Countrywide entities and other legacy entities related to bond insurance policies that Ambac provided before the 2008 financial crisis. Under the terms of the agreement, in exchange for the Corporation’s payment of $1.84 billion to Ambac (the “Settlement Payment”), Ambac, among other things, will (i) cause all pending litigation between the parties to be dismissed with prejudice, and (ii) release the Corporation and its subsidiaries from all outstanding claims related to Ambac’s issuance of bond insurance policies for certain of the Corporation’s and legacy entities’ securitized pools of residential mortgage loans.
The Corporation previously accrued for certain amounts of the Settlement Payment. As a result of the previous accruals and in consideration of the Settlement Payment, the Corporation expects to incur a pre-tax expense in the third quarter of 2022 of approximately $354 million, or $0.03 per share on an after tax basis.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BANK OF AMERICA CORPORATION | ||
By: | /s/ Ross E. Jeffries, Jr. | |
|
Ross E. Jeffries, Jr. | |
|
Deputy General Counsel and Corporate Secretary |
Dated: October 7, 2022
1 Year Bank of America Chart |
1 Month Bank of America Chart |
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