Moynihan said that the bank has put all of its major legal settlements behind it, except one: an impending deal with the U.S. Department of Justice.
“The rest of the stuff is pretty well done,” he told investors at a conference hosted by financial research firm Sanford C. Bernstein & Co. in New York. “We’ve got a myriad of cases that we’ll work through, but of the big stuff, that’s really the one that’s left out there.”
The Department of Justice settlement would cover mortgage-backed securities sold by Bank of America where the government believes the bank misrepresented their quality. Some news reports have put the price tag at $10 billion or greater.