Bank Of America (BAC) Posts Loss As Litigation Charges Weigh

 
on April 16 2014 7:33 AM
Bank of America 2009 Shutterstock
Bank of America. Shutterstock.com

(Reuters) - Bank of America Corp (NYSE:BAC) 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.
 
(Reporting by Peter Rudegeair in New York and Tanya Agrawal in Bangalore; Editing by Ted Kerr)

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