FDIC Says BofA Disgorgement Not Blocked By FTC Ruling

Law360 (May 6, 2021, 8:55 PM EDT) -- The Federal Deposit Insurance Corp. told a D.C. federal judge on Thursday that a recent decision by the U.S. Supreme Court is no obstacle to the agency pursuing disgorgement from Bank of America in a lawsuit alleging the bank owes more than $1.1 billion in unpaid deposit insurance assessments.

Bank of America NA has argued that disgorgement is off the table in light of the Supreme Court's decision last month in AMG Capital Management v. Federal Trade Commission, which curtailed the FTC's ability to get court-ordered monetary relief from lawbreakers. 

But the FDIC countered in response to U.S. Magistrate Judge Zia...

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