SNL: Big-Bank Settlement Tab Climbs Past $132B ...TRILLIONS IN FRAUD!

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SNL: Big-Bank Settlement Tab Climbs Past $132B …TRILLIONS IN FRAUD!

SNL: Big-Bank Settlement Tab Climbs Past $132B …TRILLIONS IN FRAUD!

NEWSJS-

According to data compiled by SNL Financial, big settlements with regulators have become a rarer sight as the banking credit crisis fades further into memory. The tally for credit crisis and mortgage-related settlements now stands at $132.15 billion for the six largest bank holding institutions by total assets. The figure marks an additional $3.72 billion since SNL’s previous analysis in August 2014.

Most recently, on July 31, Goldman Sachs agreed to pay nearly $270 million to settle a lawsuit led by the NECA-IBEW Health & Welfare Fund of Illinois concerning crisis-era residential mortgage-backed security investments. Goldman recently raised its cost estimate for current legal proceedings to approximately $5.9 billion in excess of reserves, up from its previous estimate of $3.8 billion, according to the company’s August 3 Form 10-Q.

In contrast, Wells Fargo only marginally boosted its expected litigation costs, noting in its second-quarter Form 10-Q that the high end of its range for probable and estimable losses related to legal matters was $1.4 billion, compared to $1.2 billion for the previous quarter.

[NEWSJS]

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