``Mr Buffett bought preferred shares in Bank of America in August when the shares were trading at just under $7, as well as warrants to acquire 700m more shares for $7.14. Despite Mr Buffett's decision to invest, Bank of America has been stuck in traders' crosshairs as its legal woes escalate. Mr Buffett admitted that fixing the bank "won't take six months or a year; it will take much longer than that even". Bank of America shares finished down 9.6pc at $5.53.''

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