Several law firms, including Bleichmar Fonti & Auld LLP and Hagens Berman, announced investigations and the filing of securities class-action lawsuits against Bank of America. The legal actions follow a penalty of more than $1.2 billion imposed by the U.S. Treasury Department for violations of the Bank Secrecy Act and anti-money laundering (AML) laws.
The lawsuits allege that Bank of America made false and misleading statements to investors about its compliance controls. They claim the bank failed to disclose deficient AML monitoring systems and did not report more than $5 billion in suspicious transactions.
The news follows a significant drop in Bank of America’s stock on October 14, 2026. Separately, the bank released a study on the future of family offices.