The $2.34 billion figure, however applies only to "those matters where an estimate is possible," according to the bank's annual 10-K filing with the Securities and Exchange Commission.
Bank of America has also struck a separate side deal as part of the National Mortgage Settlement, according to a report in
The Wall Street Journal
Friday. As part of the agreement, mortgages modified by Bank of America will be reduced by more than $100,000 on average, according to the report. The report also states that the deal will allow Bank of America to avoid as much as $850 million in penalties.
(RF - Get Report)
Regions Financial estimates it faces up to $221 million in additional litigation costs after taxes, or 12.9% of estimated $1.707 billion in 2012-2013 earnings.
Regions is also on the hook for any litigation related to its Morgan Keegan brokerage unit, which it agreed to sell to
Raymond James Financial
(SNV - Get Report)
Synovus faces just $39 million in potential litigation costs after taxes, above what it has written down or reserved against. However, that equates to 14.5% of the bank's estimated $270 million in 2012-2013 earnings.
As is the case with Bank of America, however, Synovus's estimates relate only to "those legal matters where [the company] is able to estimate a range of reasonably possible losses," according to its 10-K.
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Written by Dan Freed in New York
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