Bank Of America Hit Hard By Legal Fees

By  |  April 22, 2013
 | 

Bank of America spent $881 million on litigation in Q1 2013, greatly exceeding analyst estimates according to Businessweek.

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    According to the report Bank of America is spending the majority of its legal fees on the fallout from its mortgage platform Countrywide.

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    Goldman Sachs anticipated a litigation bill of $400 million, while Duetsche Bank had the total pegged at $500 million. Overall, Bank of America has shelled out $1.8 billion in litigation in the past two quarters combined.

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