Bank of America offers U.S. biggest settlement in history

After months of lowball offers and heels dug in, it took only 24 hours for Bank of America to suddenly cave in to the government, agreeing to the largest single federal settlement in the history of corporate America.

People briefed on the matter told the New York Times Bank of America would pay $16 billion to settle investigations into its sale of toxic mortgage securities.

The settlement, however, could still fall apart. The two sides continue to negotiate a statement of facts outlining the bank’s misconduct, the people briefed on the matter said.

Read more from the New York Times.