The Los Angeles Times reported that the legal costs of Bank of America could continue to rise, mostly due to its ill-fated acquisition of Countrywide Financial Corp in 2008.
legal costs
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The companies comprising the Kirch conglomerate testified the bank had assisted in the demise of the firm.
Taking the loss as a personal matter, CEO Jamie Dimon's JP Morgan reported a loss for the third quarter of 2013.
Six US banks led by JP Morgan Chase & Co. and Bank of America Corp. had piled up a total of USD103 billion in legal costs.
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