He earned $535m from 1999 to 2008, according to compensation-research firm Equilar Inc. "There is no sound basis, in law or fact, for the government to bring a claim against Mr Mozilo," David Siegel, Mozilo's lawyer, told Reuters in an email. "We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future," said Bank of America's chief executive officer Brian Moynihan. The bank said the settlement will cut third-quarter pretax earnings by $5.3bn, or 43 cents per share after tax.