news.cuna.org/articles/107298-news-of-the-competition

News of the Competition

August 24, 2015

CHARLOTTESVILLE, Va. (8/24/15)--The six largest banks in the United States have paid more than $132 billion in settlements related to their roles during the financial crisis. “Big settlements with regulators have become a rarer sight as the banking credit crisis fades further into memory,” SNL Financial said in its analysis (The Wall Street Journal Aug. 17). Some are still prepared for future litigation costs, however. Goldman Sachs Group Inc. tentatively agreed to a $270 million lawsuit settlement related to residential-mortgage-backed securities. It raised its cap on “reasonably possible” future legal expenses to $5.9 billion from its May estimate of $3.8 billion. Wells Fargo & Co. upped its cap to $1.4 billion, up from $1.2 billion at the end of the first quarter. Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp. and Citigroup Inc. are the other four banks that have paid out settlements ...