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Bank of America loss on litigation

Wednesday, April 16 12:33:56

Bank of America posted a first-quarter loss as the No. 2 U.S. bank recorded $6 billion in litigation expenses related to a settlement with the Federal Housing Finance Agency and other mortgage-related matters.

The bank reported a net loss attributable to shareholders of $514 million, or 5 cents per share, in the three months to March 31 compared with a profit of $1.11 billion, or 10 cents per share, a year earlier.

The previous quarter's results were hit by $1.6 billion in charges related to disputes with bond insurers. (Reuters)