Bank of America has reached a record $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly familiar with the matter said Wednesday.
Under the deal, which could be formally announced as soon as today, Bank of America will pay $10 billion in cash and provide consumer relief valued at $7 billion. The settlement is the largest arising from the economic meltdown in which millions of Americans lost their homes to foreclosure. It follows agreements in the last year with Citigroup for $7 billion and with JPMorgan Chase & Co. for $13 billion.
About a dozen entrepreneurs will vie for a $35,000 prize tonight during a pitch session that Chattanooga nonprofit organization Launch is hosting at 6:30 p.m. at Camp House, 1427 Williams St. Registration is required at launchchattanooga.ticketleap.com/pitch-competition/.
A panel of judges will consider the pitches from the entrepreneurs who graduated from Launch's 10-week Business Entrepreneurship Academy. A block party, which doesn't require registration, will precede the pitch competition and start at 5:30 p.m. at the corner of Main and Williams streets. Launch graduates will be on hand showcasing their businesses.