close video FOX Business Flash top headlines for February 22
Check out what’s clicking on FoxBusiness.com
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.
BANK OF AMERICA 'STILL FORECASTING' 2023 RECESSION: FED ACTION 'NOT ENOUGH,' EXEC WARNS
A Bank of America logo is seen in New York City. (Reuters/Stephanie Keith / Reuters Photos)
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.
BANK OF AMERICA CEO SEES 'MILD RECESSION' IN 2023 AND IS PREPARING FOR WORSE
Brian Moynihan, CEO of Bank of America, is photographed at the Bank of America Tower in New York. ((AP Photo/John Minchillo) / AP Newsroom)
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. 34.29 -0.23 -0.65%
CLICK HERE TO READ MORE ON FOX BUSINESS
BofA did not specify what accounted for the remaining $400 million.
FOX Business reached out to the company for comment.
Reuters contributed to this report