Bank of America sets aside $400mln due to rising litigation costsNovember 7, 2014 - 15:15 AMT PanARMENIAN.Net - Bank of America has set aside $400mln due to rising litigation costs associated with a probe into foreign currency manipulation at the bank, BBC News reports. That more than tripled the size of its previously-reported third-quarter loss to $232mln from $70mln. The bank has been engaged in "advanced discussions with certain U.S. banking regulatory agencies to resolve matters", it said in a statement. Last week, Citigroup was also forced to restate its results. And both Deutsche Bank and JP Morgan have said in separate earnings releases that they have set aside over $1bn each to deal with the same investigation. On Monday, JP Morgan further specified that the investigation, being led by the US Department of Justice, could cost the bank as much as $5.9bn. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |