Monday 6:21pm
September 22, 2014
Currently 80°F
Posted: Wednesday, July 16th 2014 at 8:14am

Bank of America takes $4 billion litigation hit

By The Associated Press
EMAIL STORY CONTACT EDITOR PRINT
click to enlarge
NEW YORK (AP) -- Bank of America said Wednesday that its second quarter earnings were hit by higher litigation expenses.

The Charlotte, N.C.-based bank earned $2 billion in the second quarter after payments to preferred shareholders, compared with $3.6 billion in the same period a year earlier.

Per share, that worked out to 19 cents, compared with 32 cents a year ago.

The bank's litigation costs of $4 billion crimped earnings by 22 cents a share.

The bank also said that it had reached a settlement Tuesday with American International Group Inc. to resolve all outstanding residential mortgage-backed securities litigation between the two companies.

Revenue fell 4 percent to $21.9 billion from $22.9 billion.

Bank of America's stock was little changed at $15.91 pre-market trading.
Associated Categories: Business News, Local/State News

© Copyright 2014 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.


  • Click here
  • Click here
  • Click here
  • Click here
  • Click here
0.048917
icon
80°F
Gainesville, GA 30501
Overcast
Wind: North 4 mph
Dew point: 50°F