U.S., European Banks’ Legal Costs Exceed $177B Since Crisis
Bloomberg reported that the six biggest U.S. banks, led by JPMorgan Chase and Bank of America, have allotted more than $100 billion to lawyers, litigation and settlements since the financial crisis, more than they’ve paid in dividends.
Bloomberg noted that Europe’s biggest banks have racked up more than $77 billion in legal costs since the financial crisis, five times their combined profit last year.
Bloomberg said since September 2008, the 18 European banks with the highest litigation expenses paid at least $24.9 billion settling lawsuits and probes, set aside $31.5 billion to compensate UK clients improperly sold products including mortgage insurance and earmarked $20.9 billion for further penalties.
To read the Bloomberg story click here.