Bank of America pays record $16.65B penalty

On Thursday, Bank of America agreed to pay $16.65 billion to resolve allegations it sold toxic mortgage-backed securities and other financial products in the lead-up to the financial crisis — the largest civil settlement ever between a single firm and the U.S. government.

According to USA Today, the deal requires the second-largest U.S. bank to pay $9.65 billion in cash and $7 billion for consumer relief.

"This historic resolution — the largest such settlement on record — goes far beyond 'the cost of doing business,'" said Attorney General Eric Holder, explaining that the deal resolves "more than a dozen cases and investigations" by the Department of Justice, attorneys general in six states and several federal financial agencies.

Read more from USA Today.