Banks legal expenses swell to $100 billion
Banks have hovered in the media spotlight over the financial crisis for years, and now they have the bills to show it. The six largest banks have accumulated legal costs as high as $103 billion.
Per Seeking Alpha:
Legal fees and litigation costs account for $56B and the rest is for payments to mortgage investors.
JPMorgan Chase's (JPM) legal bill is $21.3 billion while it has allocated $8.1 billion for mortgage buybacks. Bank of America's (BAC) legal expenses are $19.1 billion and its repurchase provisions $28.6 billion. The other banks are Citigroup (C), Wells Fargo (WFC), Goldman (GS) and Morgan Stanley (MS).