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News
August 18, 2015

Regulators Continue to Extract Large Financial Crisis-Related Settlements from Wall Street

The six largest banks paid more than $132 billion in settlements with state and federal regulators since the financial crisis, reports the Wall Street Journal. Though the total number of settlements has slowed somewhat, payouts “continue to grow.”

For example, Goldman Sachs Group recently raised the cap on its “reasonably possible” future legal expenses to $5.9 billion from $3.8 billion after it tentatively agreed to a $270 million settlement.

Wells Fargo & Co. set a “probable cap on further costs” at $1.4 billion, up from $1.2 billion predicted at the end of the first quarter.

Morgan Stanley recently agreed to a $2.6 billion settlement; J.P. Morgan Chase & Co. last month agreed to a $388 million settlement; Bank of America last year reached a $16.65 billion settlement; and. Citigroup in 2014 reached a $7 billion settlement with state and federal regulators.

Read the full story here.

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