Did You Lose Money Investing in Bank of America (BAC)?
A securities class action has been filed on behalf of those who purchased or otherwise acquired Bank of America Corporation (“Bank of America” or the “Company”) (NYSE: BAC) common stock between August 1, 2025 and October 13, 2026, both dates inclusive (the “Class Period”).
The action, New England Teamsters Corporation v. Bank of America Corporation, et al., Case No. 1:26-cv-09137, was filed on October 16, 2026 in the U.S. District Court for the Southern District of New York, and seeks to recover damages caused by the Bank of America Defendants’ alleged violations of the Securities Exchange Act of 1934.
What Does the Bank of America Securities Class Action Allege?
According to the complaint, the Company’s wholly-owned subsidiary, Bank of America, N.A. (“BANA”), failed to properly monitor trillions of dollars in transactions and timely and accurately report billions of dollars in suspicious activity. Allegedly, management had received written reports identifying substantial reporting failures years before the Class Period, yet the Company failed to devote sufficient resources to investigating suspicious transactions and correcting its deficient controls.
The complaint stated that fundamental compliance deficiencies persisted after the Office of the Comptroller of the Currency (“OCC”) issued a cease-and-desist order against Bank of America on December 23, 2024 (“2024 Consent Order”) exposing the Company to substantial regulatory penalties and requiring significant further investment in remediation, including the hiring of thousands of investigators. As a result, the Defendants’ repeated assurances about the limited scope of the Company’s compliance issues, its remediation progress, and the expected financial impact lacked a reasonable basis and omitted material adverse facts.
After the market closed on October 13, 2026, the U.S. Department of Treasury, according to the complaint, announced coordinated enforcement actions against BANA, resulting in more than $1.21 billion in penalties and settlements. The Financial Crimes Enforcement Network (“FINCEN”) assessed a $1.2 billion penalty, including credit for a $750 million penalty imposed by the OCC, and the Office of Foreign Assets Control separately announced an $11.6 million settlement. FinCEN’s order stated that BANA admitted that it willfully violated the Bank Secrecy Act (“BSA”) and missed or delayed detecting and reporting more than $5 billion in suspicious activity. The OCC further found that, despite the 2024 Consent Order, BANA had failed to complete significant corrective steps and its BSA/AML program remained deficient.
On this news and the Company’s third quarter results, Bank of America’s stock price closed at $51.39 on October 14, 2026, a 4.8% drop from the prior day’s $53.96 closing price.
December 15, 2026 Lead Plaintiff Deadline
Bank of America investors have until December 15, 2026 to move the Court to seek appointment as lead plaintiff. Investors do not need to seek appointment as lead plaintiff to remain a member of the proposed class.
Bank of America Investors: Contact Kehoe Law Firm
If you purchased Bank of America common stock during the Class Period and suffered financial losses, you are encouraged to complete Kehoe Law Firm’s confidential Stockholder Information Request Form or send us a message to learn more about the class action and your legal rights.
For a free, no-obligation legal evaluation, contact:
Michael Yarnoff, Esq.
(215) 792-6676, Ext. 804
[email protected]
[email protected]
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action law firm representing investors, consumers, and employees in matters involving securities fraud, corporate misconduct, mergers and acquisitions, antitrust violations, whistleblower claims, data breaches, consumer fraud, employment law violations, as well as ERISA and retirement plan litigation. Its attorneys have served as lead or co-lead counsel in major securities cases, recovering more than $10 billion for institutional and individual investors.
Kehoe Law Firm’s class action legal services are provided on a contingency-fee basis, meaning plaintiffs are not responsible for attorneys’ fees or litigation expenses. Any request for attorneys’ fees and expenses will be subject to court approval.
SEND US A MESSAGE
Contact Us
ADDRESS
Kehoe Law Firm, P.C.
2001 Market Street
Suite 2500
Philadelphia, PA 19103