NEW YORK, July 29 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
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)