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Legal bills push down Bank of America earnings
Q2 earnings at Bank of America have fallen 43 per cent as the company put through US$4b in litigation costs.
Legal costs have impacted Bank of America's earnings 360b
The Q2 legal cost is only two-thirds of its Q1 provision of US$6b. The bank says that the latest US$4b charge relates ‘to previously disclosed legacy mortgage-related matters’. BoA is in talks with the US Justice Department over allegations that mortgage-backed securities were mis-sold. Source: Channel News Asia
