BofA profit falls 95% as legal problems continue

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BofA profit falls 95% as legal problems continue

BofA profit falls 95% as legal problems continue

LA Times-

Bank of America Corp. eked out a $340-million profit for the third quarter after recording $1.6 billion in legal expenses, but analysts say the bank has much more work ahead before it can resolve the headaches that have plagued it since the financial crisis.

The latest litigation costs, disclosed in a third-quarter financial report, stem from a $2.4-billion settlement of lawsuits over BofA’s takeover of brokerage giant Merrill Lynch in 2008. The settlement, announced Sept. 28, was with investors who contended BofA knew Merrill was in worse financial shape than it revealed at the time.

[LA TIMES]

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