Bank of America’s second quarter profit down due to large legal costs

Bank of America’s income last quarter was down 43 percent to $2.3 billion after the company posted $4 billion in legal fees, according to The Boston Globe on July 17.

Bank of America’s hefty legal costs diminished its second quarter profit to a large extent, pulling it down to 19 cents per share, which is far lower than the 29 cents per share that Wall Street analysts had expected. Among the bank’s many litigation-related expenses is a settlement with the American International Group for $650 million, which aimed to resolve mortgage securities claims.

Failing to secure the interests of your business during litigation may translate to harmful legal expenditures that may affect your business’ reputation and profits. As such, it is important to seek the representation of a qualified business litigation lawyer who can aggressively advocate for your business. To learn more about how our legal team at Arenson Law Group, PC, can represent the interests of your business, call our Iowa offices at (319) 363-8199 today.