The Department of Justice is going after Bank of America for allegedly misleading investors about the riskiness of about $850 million worth of mortgage-backed securities in 2008. The move is part of the White House’s Financial Fraud Enforcement Task Force’s RMBS Working Group.
Other non-U.S. life and annuity players with earnings out include Manulife, Aegon and Meiji Yasuda.
S. 995 would provide 25% of the funding that a similar House bill would provide.
Life insurance has a history.
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