Legal expenses at Bank of America (BAC: 10.22 +3.76%) and JPMorgan Chase (JPM: 41.95 +2.42%) more than doubled for the second quarter from the previous period, according to each bank's financial documents.
BofA reported $1.9 billion in litigation expenses for the second quarter, most of it related to its foreclosure and mortgage issues. It's an increase from $785 million for the previous quarter.
Chase reported $1.3 billion in legal expenses for the second quarter, more than triple from the $400 million for the previous quarter and nearly double the $700 million added to reserves one year ago. However, legal expenses peaked in the fourth quarter of 2010 at $1.5 billion.
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