NEW YORK, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Bank of America Corporation (BAC or the Company) (NYSE: BAC) securities between August 1, 2025 and October 13, 2026, inclusive (the Class Period).
The Complaint alleges that on December 23, 2024, the Office of the Comptroller of the Currency (“OCC”), an agency of the U.S. Department of the Treasury, issued a cease-and-desist order against BAC (the “2024 Consent Order”). BAC consented to the order, which requires it to take comprehensive corrective actions to address deficiencies in its BSA/AML and sanctions compliance programs.
The Complaint further alleges that Defendants failed to disclose to investors that: (i) systemic weaknesses in BAC’s BSA/AML program caused it to fail to properly monitor trillions of dollars in transactions and to miss, delay, or file inaccurate or incomplete suspicious activity reports involving billions of dollars in suspicious activity; (ii) internal reports had documented BAC’s BSA/AML deficiencies for years, yet BAC had not adequately remedied them after the 2024 Consent Order; (iii) BACA also had deficiencies in its sanctions compliance program and processed transactions later identified as apparent violations of multiple sanctions programs; and (iv) fixing these deficiencies required significant additional compliance resources and exposed BAC to substantial penalties and costs. The Complaint alleges these facts rendered Defendants’ statements about the scope of BAC’s compliance failures, its progress under the 2024 Consent Order, and the expected costs and penalties materially false and misleading.
The Complaint further alleges that the truth began to emerge after the market closed on October 13, 2026, when the U.S. Department of Treasury announced coordinated enforcement actions against BAC resulting in more than $1.21 billion in penalties and settlements. In addition, the Complaint alleges that Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty, including credit for a $750 million penalty imposed by the OCC, and the Office of Foreign Assets Control (OFAC) separately announced an $11.6 million settlement. The Complaint alleges that in its order, FinCEN stated BAC admitted that it willfully violated the BSA and missed or delayed detecting and reporting more than $5 billion in suspicious activity. The Complaint also alleges that the OCC further found that, despite the 2024 Consent Order, BAC had failed to complete significant corrective steps and its BSA/AML program remained deficient. The Complaint also alleges the truth continued to emerge the following morning, October 14, 2026, when BAC reported its third quarter 2026 results, showing that the regulatory settlement charge reduced diluted earnings per share by $0.17. Last, the Complaint alleges that following the enforcement announcements and quarterly results, BAC’s stock price fell to an intraday low of $49.26 on October 14, 2026, before closing at $51.39, down 4.8% from the previous day’s closing price of $53.96, thereby damaging investors.
Investors who purchased or otherwise acquired shares of BAC should contact the Firm prior to the December 15, 2026 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
