Bank of America Corp (BAC) Could Go Higher

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Since the beginning of the year, Bank of America Corp (NYSE:BAC)’s progress at resolving legacy legal issues relating back to the crisis has been nothing short of extraordinary. At the beginning of January, it settled claims with mortgage giant Fannie Mae. Last month, it settled three different class action lawsuits related to claims of securities fraud. And now this.

But while the end is finally in sight, there still remain a number of hurtles — not the least of which is the aforementioned $8.5 billion settlement, which is scheduled for final arguments to start on May 30. Should you bet that the settlement will be approved? That’s for you to decide. But make no mistake about it: that is the single largest catalyst remaining for the bank in the foreseeable future.

The article Bank of America Stock Has Rallied and Could Head Higher originally appeared on Fool.com and is written by John Maxfield.

John Maxfield and The Motley Fool own shares of Bank of America Corp (NYSE:BAC).

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