Investor Alert: Canadian investor claims are being investigated against Bank of America Corporation
TORONTO, Oct. 15, 2026 /CNW/ — Milosevic & Associates PC, a Toronto-based law firm that focuses on civil fraud litigation is investigating Canadian-focused investor claims against Bank of America Corporation (TSX: “BOFA”).
On October 13, 2026, the U.S. Department of the Treasury and the Office of the Comptroller of the Currency (OCC) announced enforcement actions imposing more than $1.21 billion in penalties against Bank of America (“the Bank”), the second-largest bank in the United States, for violations of anti-money laundering and sanctions laws.
On December 23, 2024, Bank of America Corporation entered into a Cease and Desist Order with the U.S. Office of the Comptroller of the Currency (“OCC”) for deficiencies related to the Bank Secrecy Act (“BSA”) and sanctions compliance programs relating to anti-money laundering (“AML”) issues.
Andrew Morganti, a leading investor lawyer in Toronto, Ontario, for over 15 years and ranked by ISS Top 50 for numerous years, commented, “Investors read and relied upon BOA’s statement about cleaning up its AML procedures, even after TD Bank was charged with the same AML deficiency problems a year ago, and now there is an undeniable contraction here:
Bank of America Corporation recently reported,
“Since late 2023, the Corporation has been working with regulators to make changes to its Programs and has already completed significant steps to satisfy requirements of the Consent Order.” Form 10-Q (July 31, 2026)
On October 13, 2026, the U.S. regulators reported differently,
“The Bank has not made sufficient progress in addressing its multiple internal control weaknesses since the 2024 Order was issued.” Consent Order (October 13, 2026)
On Friday, October 9, 2026, Bank of America’s CDRs closed at $27.02 CAD. Upon the release of disclosures about its continued AML violations and an approximate USD $1.3 billion penalty, the market’s reaction was immediate by sending the shares down to $25.54 CAD on record volume levels. Under Ontario provincial law, damages are measured from the public correction date and up to ten (10) trading days.
If you purchased Bank of America Corporation’s securities in Canada or are a Canadian resident that purchased Bank of America Corporation’s securities listed on the NYSE between December 23, 2024 and October 13, 2026, you are welcome to contact us about our investigation at [email protected].
Milosevic & Associates PC is one of the leading Canadian law firms that litigates civil fraud claims. Andrew Morganti, a lawyer in Canada and the United States with a masters in law relating to banking and financial laws, represents Canadian investors in shareholder class actions involving Canadian companies that list their securities on stock exchanges located in Canada, Germany, and the United States. To learn more about the firm, please visit www.mlflitigation.com/.
SOURCE Milosevic & Associates PC
