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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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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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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 41.67 | -0.01 | -0.03% |
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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