Bank of America, the largest bank in the U.S., has agreed to pay $335 million to settle a discrimination lawsuit.
The suit charged that Countrywide Financial, which was purchased by Bank of America in 2008, discriminated against minorities by steering them towards high-risk sub-prime mortgages from 2004 to 2008 even though they qualified for less-risky prime loans.
This morning on American Morning, Rev. Jesse Jackson Sr., who had been claiming that discriminatory practices were prevalent in the sub-prime mortgage market, talks about how important this victory is for homeowners.
Today on American Morning, Christine Romans reports on the morning business news headlines.
This morning, we're watching:
* U.S. stock futures are trading higher this morning after a quiet day yesterday. The Dow and S&P 500 just barely ending the day in positive territory. Investors were concerned that Europe's banks were in more trouble than originally thought.
* This morning, we'll get a fresh read on the employment situation. The initial jobless claims report is expected to show that 380,000 unemployment claims were filed for the first time last week. It's a good sign for the jobs market.
* The Justice Department is announcing Bank of America will pay $335 million to settle claims the bank's Countrywide Financial lending unit steered minorities into into higher interest rate sub-prime loans. Attorney General Eric Holder says the discrimination took place between 2004 and 2008.
* Investigators who are trying to track down the missing $1.2 billion in customer funds missing after the collapse of MF Global say some of that money could be in the United Kingdom. They've identified about $700 million that was transferred to England in the days before the firm's collapse. Investigators warn getting that money back could be a long and drawn-out process.
* Johnson and Johnson is pulling 12 million bottles of Motrin from store shelves. The company, which has been plagued by recalls over the past two years, says the products are safe.
* It's go time for workers at UPS. Today is the company's busiest shipping day of the year. UPS says it will deliver nearly 26 million packages today - or almost 300 a second! That's about a million more than it delivered last year. UPS attributes the increase to more folks shopping on-line.
Tune in to American Morning at 6am Eastern every day for the latest in business news.