Bank of America Racked Up $1.2 Billion in Penalties and Settlements Last Year
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In 2022, Bank of America spent $1.2 billion on litigation and regulatory investigations.
According to company filings, the total includes all settlements and fines.
It was a significant increase from the $164 million that was recorded in 2021, and $823 million for 2020.
Fees for lawyers They were not included.
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New York City has a Bank of America logo. (Reuters/Stephanie Keith / Reuters Photos
The company had to deal with $354 million as part of a settlement with Ambac Financial Group, a bond insurer, for a lawsuit that dates back to 2008’s mortgage crisis.
BofA also paid $225 Million In penalties for employees who use unauthorized messaging platforms such as WhatsApp, regulators.
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For its mishandling of the money, the bank was also fined $225 millions Jobless benefits During the pandemic.
Last year, the combined costs of all three cases reached $800 millions.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK of America CORP. | 34.27 | -0.02 | -0.06% |
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BofA didn’t specify the source of $400 million.
FOX Business contacted B of A for comment.
This report was contributed by Reuters
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