BofA Says FX, Mortgage Practices Under Investigation
By Michael Lipkin (February 25, 2014, 8:13 PM EST) -- International and federal regulators are investigating Bank of America Corp.'s foreign exchange and mortgage practices, the company disclosed Tuesday in an annual filing with the U.S. Securities and Exchange Commission, adding that its legal fees rose nearly $2 billion to $6.1 billion last year.
"Government authorities" in North America, Europe and Asia are investigating Bank of America's "conduct and practices" in certain foreign exchange markets over several years, the filing said. The U.S. Department of Justice and state attorneys general were also investigating the purchase, securitization and underwriting of mortgage loan and residential mortgage-backed securities, according to the filing.
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