A pending lawsuit against Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) shows they aren't off the hook just yet for the robo-signing scandal. Over the weekend, the New York state attorney general said he will announce new enforcement actions against the banks as part of his effort to "protect New York homeowners." The suits purportedly allege that the banks violated a $25 billion nationwide settlement that they entered into last year with lawmakers in 49 states and the federal government. In the following video, Motley Fool contributing writer John Maxfield discusses what this means for investors in the two megabanks.
John Maxfield owns shares of Bank of America. The Motley Fool recommends Wells Fargo and owns shares of Bank of America and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.