Bank of America has agreed to pay nearly $17 billion to settle federal and state allegations it sold risky, mortgage-backed securities to investors before the national financial crisis, a person familiar with the matter said Wednesday.

The settlement, the largest in history between the federal government and a single company, is expected to be unveiled as soon as Thursday, said the person, who spoke on condition of anonymity in advance of the official announcement.

The tentative deal is expected to include billions to the Department of Justice and several states, with billions more going to reduce mortgage payments for struggling homeowners and other consumer relief.

Shares of the nation’s second-largest bank, (BAC), closed up fractionally at $15.52 Wednesday, and were up an additional 5 cents in after-market trading.

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