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Post by bot on Apr 16, 2014 23:45:46 GMT -5
NEW YORK (MarketWatch) -- Bank of America Corp. is said to be in talks for a multi-billion dollar settlement with the Justice Department over questionable mortgage securities sold to investors, according to media reports on Wednesday. The potential settlement could end a civil probe into several legacy issues that have plagued the bank since the financial crisis. The discussions between the bank and the Justice Department have been ongoing for months and follow J.P. Morgan Chase & Co. record $13 billion settlement over related charges. There is no word yet on the amount of the settlement. The bank reported in its first-quarter earnings report that it had set aside $2.4 billion for legal expenses related to mortgage issues that were disclosed but did not give further detail. Bank of America settled with the Federal Housing Finance Agency for $9.5 billion last month on several mortgage-related disputes.
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