Bank of America has been accused of breaking a promise to stop lending money to companies that sell military-style firearms to civilians after news that the bank agreed to provide critical financing to bankrupt gunmaker Remington. Bank of America, Wells Fargo and Regions Bank each are forking out $43.2 million in loans to help put debt-plagued Remington on “stable footing,” Reuters said. Terms of the loan agreement were drawn up in late March — a few weeks before Bank of America pledged to stop underwriting or financing businesses that manufacture military-style weapons for civilian use. Families of the victims sued Remington to hold the gunmaker accountable for the damage caused by the weapon. Finance experts also questioned why the bank did not use the loan package as leverage to push Remington to stop manufacturing military-style guns.

Source: Huffington Post May 08, 2018 11:37 UTC