July 29, 2014 / 9:42 PM / 4 years ago

BofA leaves estimate of possible legal expenses unchanged

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below