Bank of America Class Action Lawsuit Allegations
The Bank of America class action lawsuit asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Bank of America stock. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned New England Teamsters Pension Fund v. Bank of America Corporation, et al., No. 26-cv-9137.
If you lost money on your Bank of America investment, or are a current holder of Bank of America stock, you are encouraged to submit your information using the form on this page. You may also email adam@bfalaw.com or call 212.789.3619.
Why is Bank of America being Sued for Securities Fraud?
Bank of America has been sued for securities fraud following a significant stock drop resulting from alleged violations of the federal securities laws. The decline in Bank of America’s stock price caused significant losses to investors.
Bank of America is a multinational bank holding company that conducts most of its banking business through its subsidiary, Bank of America, N.A. (“BANA”). In 2024, the Office of the Comptroller of the Currency issued a cease-and-desist order against BANA that required it to take comprehensive corrective actions to address deficiencies in its Bank Secrecy Act and anti-money laundering compliance programs.
According to the complaint, Bank of America misled investors by touting the company’s progress in carrying out those required corrective actions while downplaying the scope and financial consequences of its compliance failures. Bank of America allegedly failed to adequately remediate its Bank Secrecy Act and anti-money laundering compliance programs despite years of internal warnings and regulatory intervention.
Why did Bank of America’s Stock Drop?
On October 13, 2026, the U.S. Treasury Department announced more than $1.21 billion in penalties against Bank of America for violations of sanctions and anti-money laundering laws. The fines represent the third largest penalty in Treasury Department history and the largest in the history of the Office of the Comptroller of the Currency.
On this news, Bank of America’s stock dropped $2.57 per share, or 4.8%, from a closing price of $53.96 per share on October 13, 2026, to $51.39 per share on October 14, 2026.
Bank of America ($BAC) Stock Chart
Image Caption: NYSE stock chart showing Bank of America’s stock following the October 13, 2026 disclosure.
What is the Bank of America Lead Plaintiff Deadline?
You may ask the Court no later than December 15, 2026, to appoint you as Lead Plaintiff through counsel of your choice.
To be a member of the Class, you need not take any action at this time. The ability to share in any potential future recovery is not dependent on serving as Lead Plaintiff.
How Do I Submit My Information?
If you lost money when Bank of America securities dropped in price, or are a current holder of Bank of America stock, you are encouraged to submit your information using the form on this page to speak with an attorney about your rights.
You can also contact:
Adam McCall
adam@bfalaw.com
212.789.3619
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of the class action lawsuit. The firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS.
BFA attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360, and “Super Lawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.
