NEW YORK (AP) — A federal judge has ordered Bank of America to pay more than $540 million to resolve long-running litigation from a U.S. regulator that alleged the company underpaid mandatory assessments for deposit insurance.

The order, reached March 31 and published publicly on Monday, arrives over eight years after the Federal Deposit Insurance Corporation sued Bank of America in 2017.

Related Articles

As Trump considers auto tariffs pause, parts exemptions could be key for US industry

Japan’s anti-monopoly watchdog accuses Google of violations in smartphones

Starbucks imposes new limits on what baristas can wear under their green aprons

Ranchers hope Trump’s tariffs boost demand for cattle but some fear market uncertainty

Wall Street ticks higher in a rare quiet day following weeks of tariff turmoil

“We are pleased the judge has ruled and have reserves reflecting the decision,” Bank of America said in a statement to The Associated Press. The FDIC declined to comment when reached Tuesday.

Back in 2017, the FDIC accused Bank of America of refusing to pay over $500 million in assessments — a figure it later expanded to $1.12 billion — alleging that the banking giant failed to honor a 2011 regulatory rule and “unjustly enriched itself” at the FDIC’s expense.

The Bank of America later filed a motion to dismiss in part, strongly denying it acted with an intent to evade such payments. It also argued that some of quarters the FDIC targeted for assessments fell outside the statue of limitations.

After a yearslong legal battle, U.S. District Judge Loren L. AliKhan in Washington, D.C. partially granted and denied motions for both Bank of America and the FDIC. She said that the nearly $540.3 million payment from Bank of America would cover its underpaid assessments spanning from the second quarter of 2013 through the end of 2014’s fiscal year, plus interest — but ruled that the FDIC waited too long to sue over earlier claims.

Formed in 1933 during the Great Depression, the FDIC is one of several banking system regulators today. The agency is best known for running the nation’s deposit insurance program, which insures Americans’ deposits up to $250,000 in case their bank fails.

Bank of America, headquartered in Charlotte, North Carolina, is the second-largest bank by assets in the U.S. On Tuesday, the company reported a first-quarter profit of $7.4 billion and $27.37 billion in revenue net of interest expense, topping Wall Street expectations.

By HYUNG-JIN KIM

SEOUL, South Korea (AP) — The United States flew long-range B-1B bombers in a show of force against North Korea on Tuesday, days after the powerful sister of North Korean leader Kim Jong Un vowed to resist a U.S.-led push to eliminate the North’s nuclear program.

Related Articles

Japan’s anti-monopoly watchdog accuses Google of violations in smartphones

China pursuing 3 alleged US operatives over cyberattacks during Asian Games

Another US aircraft carrier in Mideast waters ahead of second round of Iran-US nuclear talks

Today in History: April 15, the Titanic sinks in the North Atlantic

US moves ahead on tariffs with investigations into computer chips, pharmaceuticals

North Korea often reacts to the U.S. deployment of B-1B bombers and other powerful military assets with missile tests and fiery rhetoric. Tuesday’s flyover of the U.S. bombers could draw an angrier response because it happened when North Korea was marking a key anniversary — the 113th birthday of state founder Kim Il Sung, the late grandfather of the current leader.

South Korea’s Defense Ministry said in a statement that the U.S. bombers participated in a South Korea-U.S. aerial drill meant to strengthen the allies’ combined operational capability and demonstrate their deterrence capability against North Korea’s advancing nuclear program.

The ministry said South Korean F-35 and F-16 fighter jets and American F-16 fighter jets also took part in the training over the Korean Peninsula. It said South Korea and the U.S. will continue to expand their joint military exercises to respond to North Korean nuclear threats.

It was the second time a U.S. B-1B had participated in a drill with South Korea since President Donald Trump began his second term in January.

In February, North Korea’s Defense Ministry slammed the B-1B’s earlier flyover as proof of intensifying U.S.-led provocations since Trump’s inauguration. It pledged to counter the strategic threat of the U.S. with strategic means. Days later, North Korea test-fired cruise missiles in what it called an attempt to show its nuclear counterattack capability.

Trump has repeatedly said he will reach out to Kim Jong Un to revive diplomacy. North Korea hasn’t directly responded to Trump’s outreach.

Last Wednesday, Kim Yo Jong — Kim’s sister and a senior official — derided the U.S. and its Asian allies over what she called their “daydream” of denuclearizing North Korea, insisting that her country will never give up its nuclear weapons program. Her statement came as a response to a recent meeting among the top diplomats of the United States, South Korea and Japan where they reaffirmed their commitment to push for North Korea’s denuclearization.

The Kim Il Sung birthday, called “the Day of Sun,” is one of the most important holidays in North Korea, where a state-sponsored cult of personality treats key members of the ruling Kim family like gods. On Tuesday, the country’s main Rodong Sinmun newspaper issued an editorial urging the public to rally behind Kim Jong Un to achieve a national prosperity. In recent days, North Korea has held seminars, performances and other events commemorating the founder’s achievements.

By HUIZHONG WU

BANGKOK (AP) — China’s Xi is making the case for free trade as he tours Southeast Asia this week, presenting China as a source of “stability and certainty.”

Related Articles

Japan’s anti-monopoly watchdog accuses Google of violations in smartphones

China pursuing 3 alleged US operatives over cyberattacks during Asian Games

Another US aircraft carrier in Mideast waters ahead of second round of Iran-US nuclear talks

Today in History: April 15, the Titanic sinks in the North Atlantic

US moves ahead on tariffs with investigations into computer chips, pharmaceuticals

On Monday, he was welcomed to Hanoi with pomp and ceremony by Vietnam’s President Luong Cuong.

He arrived in Kuala Lumpur, Malaysia’s capital, later Tuesday, for a three-day visit and will end his tour with a stop in Cambodia.

In Hanoi, Xi had a meeting with Vietnam’s Communist Party General Secretary To Lam, where he said the two countries “have brought the world valuable stability and certainty” in a “turbulent world.” He also paid respects at the mausoleum of Ho Chi Minh, the founder of the Vietnamese Communist Party.

“As beneficiaries of economic globalization, both China and Vietnam should strengthen strategic resolve, jointly oppose unilateral bullying acts, uphold the global free trade system, and keep global industrial and supply chains stable,” he added, according to a statement from China’s Ministry of Foreign Affairs.

China and Vietnam signed a series of memorandums on cooperation in supply chains and a joint railway project, and Xi also promised greater access for Vietnamese agricultural exports to China, although few details were made public about the agreements.

U.S. President Donald Trump complained about the meeting, which comes days after his tariffs upended global markets and left governments across the world scrambling. Reacting to the meeting Monday, Trump said China and Vietnam were trying “to figure out how do we screw the United States of America.”

In Malaysia, Xi is expected to discuss a free trade agreement between China and 10-member Association of Southeast Asian Nation, as Malaysia is chair of the association this year. Xi will meet with King Sultan Ibrahim on Wednesday morning and Prime Minister Anwar Ibrahim later in the day.

ASEAN Secretary-General Kao Kim Hourn told Chinese state media that the agreement will eliminate many tariffs between China and the bloc’s members. “We will bring more tariffs down to zero in many cases, and then expand to all the areas,” he said in an interview with CGTN, the state broadcaster’s English channel.

Malaysia is home to several Belt and Road Initiative projects, including a $11.2 billion Chinese railway project. China is also its largest trading partner and a top source of foreign direct investment.

Xi’s tour was likely planned before the tariff announcements had disrupted the global economy.

“From the Chinese perspective, it’s mostly about ensuring China’s influence in the region remains strong and vibrant, with Southeast Asia being China’s major trading partner,” said Oh Ei Sun, a senior fellow at Singapore’s Institute of International Affairs.

However, the trip’s timing and the fact that Vietnam, Malaysia, and Cambodia, were all countries impacted by Trump’s tariffs, provides Beijing an opportunity to project how it would act as a “responsible” superpower, one of China’s long-time stances.

“China can offer a lot to Vietnam and other ASEAN countries during this volatile period,” said Nguyen Thanh Trung, a professor of Vietnamese studies at Fulbright University Vietnam. “I think China can be a leader.”

Anwar called China a “true friend” during Li Qiang’s visit in June and has visited China three times since he took power in November 2022.

China’s claims to the South China Sea are a point of contention with both Vietnam and Malaysia. Anwar vowed last September that Malaysia will not bow to demands by China to stop its oil and gas exploration in an oil-rich maritime area in the South China Sea as the activities are within the country’s waters.

AP writer Eileen Ng contributed to this report from Kuala Lumpur, Malaysia.

JERUSALEM (AP) — Tens of thousands of people gathered at the holiest Jewish prayer site in Jerusalem on Tuesday for the traditional priestly blessing prayer.

Related Articles

Japan’s anti-monopoly watchdog accuses Google of violations in smartphones

China pursuing 3 alleged US operatives over cyberattacks during Asian Games

Another US aircraft carrier in Mideast waters ahead of second round of Iran-US nuclear talks

Today in History: April 15, the Titanic sinks in the North Atlantic

US moves ahead on tariffs with investigations into computer chips, pharmaceuticals

The “Birkat Cohanim,” or Cohen’s blessing, is a ritual dating back over 2,500 years to when King Solomon’s Temple stood on the same site. The blessing is performed by male Jews who can trace their lineage back to the priestly caste, and takes place three times a year during Judaism’s major holidays. Jews are currently observing the week-long holiday of Passover.

The prayer was led by many of the country’s top rabbis as well as Eliya Cohen, a former hostage who was released from Gaza in February, and relatives of other hostages still being held in Gaza. After the traditional blessing, the rabbis recited a prayer for the 59 hostages still held in captivity in Gaza.

Many worshippers said the prayer had special meaning this year, given the ongoing war, which has stretched on for more than 18 months. “It’s hard for us to believe that we still have hostages that are not able to come home and come and be here and join us with this,” said Shandey Fuchs, who said she tries to attend the ceremony every year. She added that she hopes the prayer brings unity and lasting peace across Israel.

The blessing is recited in Hebrew while religious men cover their heads with prayer shawls, creating a sea of white at the Western Wall Plaza. The paved prayer area in front of the wall is the last remnant of the second Jewish Temple destroyed in the 1st century. The Western Wall Heritage Foundation, which runs the site, said more than 200,000 people have visited the site during the Passover holiday, one of three Jewish holidays where ancient Jews traditionally made a pilgrimage to Jerusalem.