Bank of America Corp (BAC): Yet Another Nagging Headache for The Bank

Other banks were involved, too
Bank of America Corp (NYSE:BAC) was by no means the only lender to possibly engage in this behavior. Last February, Wells Fargo & Co (NYSE:WFC) learned that a complaint against itself and QBE Insurance had been given class action status in Florida, while two months later, Fifth Third Bancorp (NASDAQ:FITB) was sued by homeowners alleging that Fifth Third engaged in the same type of conduct, setting up a reinsurance company through which insurance money was funneled.

Both JPMorgan Chase & Co. (NYSE:JPM) and Citigroup Inc. (NYSE:C) have come under scrutiny by the state of New York in recent months, as well.

Misery may love company, but for Bank of America Corp (NYSE:BAC), more bad news on the legal front is always unwelcome given its vast stable of pending lawsuits. Though the current claim of damages here is not onerous, it is one more reminder that we have yet to see the end of B of A’s legal woes.

The article Another Nagging Headache for Bank of America originally appeared on Fool.com.

Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends American International Group (NYSE:AIG) and Wells Fargo. The Motley Fool owns shares of American International Group, Bank of America, Citigroup, Fifth Third Bancorp, JPMorgan Chase, and Wells Fargo and has the following options: Long Jan 2014 $25 Calls on American International Group.

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