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Legal tabs for U.S. banks surpass $100 billion

The legal fees for the six largest U.S. banks exceeds their combined profit.

In the five years since the financial crisis, the top six largest banks in the U.S. – led by Bank of America and JPMorgan Chase – have racked up $103 billion in legal costs, more than all dividends paid to shareholders since 2008, according to Reuters.

Based on data compiled by Bloomberg, the sum exceeds the banks’ combined profit last year – for payments to lawyers and litigation, as well as for settling claims about shoddy mortgages and foreclosures.

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Erin E. Harrison

Erin E. Harrison is the Editor in Chief of InsideCounsel magazine. Harrison’s professional background includes extensive expertise in both print and online media, highlighted by...

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