Email your news and story ideas to: [email protected]
BofA legal costs rise to one billion dollars
Litigation costs at Bank of America have increased to USD1.1 billion dollars in its third quarter results, according to data released by bank.
Sergey Yechikov
Sign up for our free daily newsletter
YOUR PRIVACY - PLEASE READ CAREFULLY DATA PROTECTION STATEMENT
Below we explain how we will communicate with you. We set out how we use your data in our Privacy Policy.
Global City Media, and its associated brands will use the lawful basis of legitimate interests to use
the
contact details you have supplied to contact you regarding our publications, events, training,
reader
research, and other relevant information. We will always give you the option to opt out of our
marketing.
By clicking submit, you confirm that you understand and accept the Terms & Conditions and Privacy Policy
However, the bank has not detailed the size of its total legal and litigation reserve, as rival JP Morgan Chase did for the first time in its results disclosure last week. BofA chief executive Brian Moynihan, once the general counsel at the bank, said that the 'lion's share' of costs relating to disputed mortgage sales are behind the bank. However, another set of legal costs may be coming through, according to Bloomberg, as the bank 'was sued by the U.S. for allegedly hiding risk from investors in an $850 million securitization in 2008, according to a complaint filed in August'.
