04/16/2014 07:10 am ET | Updated Jun 16, 2014

Bank Of America's $6 Billion Legal Bill Cuts Into Profit

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April 16 (Reuters) - Bank of America Corp 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. [IDn:nBw50C1C1a]

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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