Bank of America Corp (BofA) amassed $1.2 billion in expenses for litigation and regulatory investigations last year including fines and settlements, according to a company filing on Wednesday.
The cost is a major jump from $164 million recorded by the second-largest U.S. lender in 2021 and $823 million in 2020, and excludes payments for internal and external lawyers.settlement to payBofA also paid $225 million in penalties to U.S.
financial regulators last year over employees' use of unauthorized messaging platforms including WhatsApp."botched" handlingWhile those three cases led to just over $800 million in combined expenses last year, BofA did not specify what accounted for the remaining $400 million. A company spokesperson declined to comment.
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