Bank Of America

In banking news, American institutions Citigroup (NYSE:C), Bank of America (NYSE:BAC), and Wells Fargo (NYSE:WFC) have reported they could be facing up to $6.7 billion in litigation expenses in the coming year.  The banks are under siege from lawsuits; Citi alone is facing up to $4 billion in suits, regarding issues such as the underwriting of securities backed by US home loans and the subprime mortgage fiasco.

B of A is facing $1.5 billion in lawsuits, while Wells Fargo is facing $1.2 billion this year

Source: http://oakshirefinancial.com/2011/02/28/market-midday-with-news-on-the-companies-bank-of-america-nysebac-wells-fargo-nysewfc-twitter-jpmorgan-chase-nysejpm-citigroup-nysec/