A pending lawsuit against Bank of America (BAC 0.28%) and Wells Fargo (WFC 0.13%) 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.
New York AG Tells Bank of America and Wells Fargo: Not So Fast
By John Maxfield – May 7, 2013 at 5:48PM
NYSE: BAC
Bank of America
Market Cap
$393B
Today's Change
(-0.28%) $0.15
Current Price
$52.87
Price as of October 28, 2025 at 4:00 PM ET
Rumors of a pending lawsuit against Wells Fargo and Bank of America are reopening a legal wound that many analysts assumed had been closed for good.
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I write about banks, trying my best to balance the good and the bad.