Bank of America (NYSE:BAC) Corp. remains confident it will work its way through its legal problems in time, a spokesman for the North Carolina company says.

The U.S. Securities and Exchange Commission has yet to respond to a judge's rejection Monday of a $33 million settlement with the bank over Merrill Lynch & Co. bonuses. In addition, the New York attorney general's office has told the bank it's mulling charges against individuals over Merrill-related matters.

Bank of America (NYSE:BAC) spokesman Jim Mahoney said Tuesday the company is still talking with the New York attorney general's office with no resolution evident on the immediate horizon, The Charlotte Observer reported Wednesday.

"We're very clear in our mind that there was no fraud involved in this and that any charges related to this would be without merit," he said.

Mahoney said the bank is prepared to go to court on the SEC case, in which the agency alleges the bank misled investors about executive bonuses.

Still, legal experts say Bank of America (NYSE:BAC) executives face legal and financial hurdles related to Merrill Lynch & Co., the Observer reported.

And it's still possible it could cost bank Chief Executive Officer Ken Lewis his job.

"It's never pleasant to be in litigation," J. Robert Brown, a University of Denver law professor, said. "You have to spend a lot of time and energy. That's time and energy away from the bank. I think that distraction could hasten his departure from the bank."

The Charlotte bank said Tuesday, however, the board continues to have confidence in his leadership, the newspaper said.