BofA Discloses Probes Amid Surge in Potential Legal Costs
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Bank of America Corp., the second-biggest U.S. lender, disclosed new probes into its mortgage and foreign-exchange businesses and boosted an estimate of potential legal losses by 20 percent to $6.1 billion.
The developments were reported in an annual regulatory filing yesterday by the Charlotte, North Carolina-based company. The fresh estimate of litigation expenses, which concerns costs that aren’t covered by reserves as of Dec. 31, compares with $5.1 billion at the end of the third quarter.