BoA spends $55 billion on legal costs and payments

Bank of America has spent over US$55 billion on legal costs and compensation in the last five years and faces payments of billions in the next few years.

Bank analysts calculate that it spent $20.1 billion on legal fees and litigation expenses since 2008, according to the News Observer. Another $35.7 billion has gone out or been set aside in compensation in relation to mortgage loans which were said to have been mis-sold. The News Observer says: 'The bank's ongoing legal issues will take several more years to resolve.'

BoA spends $55 billion on legal costs and payments

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