Bank of America sets aside $400mln due to rising litigation costs

Bank of America sets aside $400mln due to rising litigation costs
November 7, 2014 - 15:15 AMT

PanARMENIAN.Net - Bank of America has set aside $400mln due to rising litigation costs associated with a probe into foreign currency manipulation at the bank, BBC News reports.

That more than tripled the size of its previously-reported third-quarter loss to $232mln from $70mln.

The bank has been engaged in "advanced discussions with certain U.S. banking regulatory agencies to resolve matters", it said in a statement.

Last week, Citigroup was also forced to restate its results.

And both Deutsche Bank and JP Morgan have said in separate earnings releases that they have set aside over $1bn each to deal with the same investigation.

On Monday, JP Morgan further specified that the investigation, being led by the US Department of Justice, could cost the bank as much as $5.9bn.

Related links:
BBC. Bank of America adjusts results due to legal costs
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HSBC sets aside $378mln to cover potential costs from currency probe
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