Bank of America, Other Major Banks, Facing Increasing Losses From Legal Expenses
Bank of America, one of the world’s largest banks, is bemoaning that it will suffer a loss of US$232 million for the third quarter. The amount said to be related to legal costs surrounding a global investigation into the foreign exchange trading practices of a number of major banks, Bank of America included. The foreign exchange market is a US$5.3 trillion a day market but is also one of the least regulated of all markets. This might seem like a lot of money for “legal costs” but the fact is that this bank was forced to add US$400 million to its legal reserves due to the settlements they....
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