Bank of America totaled $1.2 billion in penalties, settlements in 2022

One major amount was the $354M that was part of a settlement to bond insurer Ambac Financial Group

Bank of America totaled $1.2 billion in expenses for litigation and regulatory investigations in 2022.

The total includes fines and settlements, according to a company filing.

The cost was a big jump from $164 million recorded in 2021 and $823 million in 2020.

Lawyer fees were not included.

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Bank of America New York City

A Bank of America logo is seen in New York City. (Reuters/Stephanie Keith / Reuters Photos)

Among the major issues the company dealt with was the $354 million that was part of a settlement to bond insurer Ambac Financial Group for a lawsuit going back to the 2008 mortgage crisis.

BofA also paid $225 million in penalties to regulators over employees' use of unauthorized messaging platforms, including WhatsApp.

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BofA CEO Brian Moynihan

Brian Moynihan, CEO of Bank of America, is photographed at the Bank of America Tower in New York. ((AP Photo/John Minchillo) / AP Newsroom)

The bank was also fined $225 million over the mishandling of jobless benefits during the pandemic.

The three cases totaled $800 million in combined expenses last year.

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BofA did not specify what accounted for the remaining $400 million. 

When contacted by FOX Business, B of A had no additional comment.

Reuters contributed to this report