In the Summer of 2014, Bank of America (BOA) and the Department of Justice (DOJ) came to a $16.65 billion settlement agreement whereby BOA agreed to resolve federal and state claims against BOA and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. As part of the settlement, BOA agreed to make donations to state-based Interest on Lawyers’ Trust Account (IOLTA) organizations that provide funds to legal aid organizations. Funds were allocated to each state based upon the federal poverty census data and a formula used by the Legal Services Corporation.
- The Foundation distributed $1.395 million in BOA funds in January 2016 that have been utilized to provide foreclosure prevention legal assistance and community redevelopment assistance. The Foundation* distributed an additional $1M in March 2017 that is being utilized to provide community redevelopment assistance.
- The Foundation distributed $6.371 million in BOA funds in 2018 to 26 legal aid organizations for specific projects. Project examples include holistic assistance to immigrants who are victims of domestic violence, facilitating veteran entrepreneurship, and creation of a medical legal partnership in a rural community.
