Legal Settlement With US Over Mortgages, Other Costs Push Bank Of America Into The Red
International Business Times
Published Apr 16, 2014 07:33AM ET
Updated Apr 16, 2014 08:00AM ET
Legal Settlement With US Over Mortgages, Other Costs Push Bank Of America Into The Red
By Reuters - Bank of America Corp NYSE:BAC posted a first-quarter loss as the No. 2 U.S. bank recorded $6 billion in litigation expenses related to a settlement with the Federal Housing Finance Agency and other mortgage-related matters.
The bank reported a net loss attributable to shareholders of$514 million, or 5 cents per share, in the three months to March 31 compared with a profit of $1.11 billion, or 10 cents per share, a year earlier.
The previous quarter's results were hit by $1.6 billion in charges related to disputes with bond insurers.
(Reporting by Peter Rudegeair in New York and Tanya Agrawal in Bangalore; Editing by Ted Kerr)
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Written By: International Business Times
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