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Wednesday, August 17, 2011

Fraud lawsuit rocks Bank of America

The market value of Bank of America Merrill Lynch's Global Broad Market Index has increased $132.4 billion since the end of July to $42.1 trillion, the most in data going back to 1996. The index, containing more than 19000 bonds sold by governments,

Over the past three years, Bank of America's stock has fallen 80 percent to $6.51 from $32.25. The KBW Bank Index has fallen 46 percent, to $36.99 from $68.31. According to SNL Financial, there are only six other days in Bank of America's history where

Among major Massachusetts employers, Bank of America was the biggest loser as 20 percent of its stock value evaporated in the meltdown — partly due to the deb.

Bank of America Corp. (ticker: BAC) tumbled $1.66, or 20.3 percent, to $6.51 after insurer AIG sued the bank over mortgage-backed securities, saying it was cheated and seeking to recover more than $10 billion. Verizon Communications ( VZ) fell $1.93,

Among major Massachusetts employers, Bank of America was the biggest loser as 20 percent of its stock value evaporated in the meltdown — partly due to the debt crisis and recession fears, but mostly because it was slapped with a $10 billion lawsuit by


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