Labaton Keller Sucharow Files Securities Class Action Against Bank of America Over AML Compliance

Labaton Keller Sucharow LLP filed a securities class action against Bank of America Corporation and certain of its executives, the firm said in a Business Wire announcement. The suit, captioned New England Teamsters Pension Fund v. Bank of America Corporation, No. 26-cv-09137 (S.D.N.Y.), was brought on behalf of the New England Teamsters Pension Fund and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5.

Labaton's Claims Against Bank of America

The action covers all persons and entities that purchased or otherwise acquired Bank of America common stock between August 1, 2025 and October 13, 2026. Bank of America is a multinational bank holding company that conducts most of its banking business through its wholly owned subsidiary, Bank of America, N.A. On December 23, 2024, the Office of the Comptroller of the Currency issued a cease-and-desist order against BANA requiring corrective actions to address deficiencies in its Bank Secrecy Act and anti-money laundering and sanctions compliance programs.

The suit alleges that during the class period the company represented that the 2024 Consent Order related to only "certain aspects" of its compliance programs, that it had "already completed significant steps" to satisfy the order's requirements, and that the compliance issues would not have a "material adverse financial impact" on the company. The action claims defendants knew or recklessly disregarded that systemic weaknesses in BANA'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.

After the market closed on October 13, 2026, the U.S. Department of Treasury announced coordinated enforcement actions against BANA resulting in more than $1.21 billion in penalties and settlements. FinCEN assessed a $1.2 billion penalty, including credit for a $750 million penalty imposed by the OCC, and OFAC separately announced an $11.6 million settlement. FinCEN stated that BANA admitted it willfully violated the BSA and missed or delayed detecting and reporting more than $5 billion in suspicious activity. Bank of America reported third quarter 2026 results the following morning, showing the regulatory settlement charge reduced diluted earnings per share by $0.17.

Labaton Keller Sucharow's Litigation Record

According to akta.pro company records, Labaton Keller Sucharow is a plaintiffs' litigation firm founded in 1963 and headquartered in New York, with a headcount range of 51-100 and a revenue estimate of $250 million to $500 million. The same records show the firm has recovered billions of dollars for wronged investors and consumers, serves more than 2 million arbitration clients through its Lantern platform, and achieved recoveries for more than 1.5 million consumers and investors through its ADR practice.

Earlier Labaton Settlements

In September 2026, Labaton announced a proposed $85 million settlement in the Everbridge securities class action, with a hearing set for December 17, 2026, according to PR Newswire. That same month, Yahoo reported Labaton announced a proposed $10 million settlement in the Cronos U.S. securities class action. In August 2026, PR Newswire reported lead plaintiffs and Hain Celestial Group announced a proposed $35 million settlement in a securities class action, with a court hearing set for October 28, 2026.

Lead Plaintiff Deadline

Lead plaintiff motion papers must be filed no later than December 15, 2026, according to the announcement. Class members do not need to seek appointment as lead plaintiff to share in any class recovery.