With Bank of America Corp.’s $16.65 billion settlement announcement Thursday over the marketing and sale of subpar residential mortgage-backed securities, prosecutors have closed out the largest remaining government enforcement actions stemming from the financial crisis. The tailing off of the government’s actions promises to affect a swatch of top-tier Wall Street firms, where the investigations and litigation have generated enormous revenues for the past two years.
But five lawyers at the banks’ primary outside counsel, speaking on condition they not be named, say that the pipeline of work continues to be full, as governments worldwide take aim at the same banks in foreign exchange rate-setting and Office of Foreign Assets Control investigations.
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