Bank of America Corp has reached a $16.65 billion (10.04 billion pounds) settlement with U.S. The settlement announced on Thursday by the U.S. It is expected to resolve the vast majority of the Charlotte, North Carolina-based bank’s remaining liabilities tied to its purchases of Countrywide Financial Corp, once the nation’s largest mortgage lender, and Merrill Lynch & Co. Bank of America said the accord is expected to reduce third-quarter earnings by about $5.3 billion before taxes, or about 43 cents per share after taxes.