BofA leaves estimate of possible legal expenses unchanged
NEW YORK, July 29
NEW YORK, July 29 (Reuters) - Bank of America Corp said on Tuesday it does not expect to have to set aside more than another $5 billion to cover legal expenses, an estimate unchanged from earlier in the year despite a $4 billion addition to its legal reserves in the second quarter.
The bank's estimate came in a filing with the U.S. Securities and Exchange Commission.
Throughout the first half of 2014, Bank of America had set aside $10 billion to cover litigation-related expenses.
The bank has been negotiating a multibillion-dollar settlement with the U.S. Department of Justice to resolve investigations into the packaging and sale of mortgage-backed bonds.
Additionally, the bank cut its exposure to Russia by 24 percent to $3.9 billion, most of which was concentrated in oil and gas companies and commercial banks, according to the filing. (Reporting by Peter Rudegeair; Editing by Tom Brown)