Calling it the largest settlement with a single entity in American history, the Department of Justice last week reached a record-breaking $16.6 billion settlement with Bank of America to resolve claims related to its packaging, origination, marketing, sale, structuring, and issuance of residential mortgage-backed securities and collateralized debt obligations.

But where is all that money going?

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...