Legal News

Record Year for Bank Fines in United States
Download PDF

In a report from CNN Money, banks were fined a record $10.7 billion in 2012. The fine that broke the record came earlier in December when UBS agreed to pay United States authorities $1.2 billion for manipulating Libor. The total amount of fines only accounts for money paid to U.S. and state authorities by banks, not money paid to European regulators.

Just over half of the fines were for improper mortgage practices and the majority of the money paid was set aside to help victims of those practices.

  
What
Where


Over half of the fines, just over $5 billion, were deposited into government coffers, most of them into the United States Treasury’s general fund.  Some of those fines included $3.2 billion that ING, HSBC and Standard Chartered paid because of money laundering violations for transactions they performed with countries such as Iran and Cuba.

That money also included $1.56 billion in United States fines that were paid by UBS and Barclays for manipulating Libor. More of those fines included $335 million that Deutsche Bank and Flagstar paid for selling mortgages without announcing the risks for borrowers.

For the most part, the incidents occurred prior to 2012 and no penalties have been handed out on violations that took place this year. For example, no penalties have been handed out for the $5.8 billion trading loss that JPMorgan Chase endured.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Attorney with 3-7 years of litigation experience

USA-IL-Chicago

Chicago office of our client seeks attorney with 3-7 years of litigation experience. The candidate s...

Apply Now

Defense Attorney with 3-4 years of litigation experience

USA-CA-San Francisco

San Francisco office of our client seeks defense attorney with 3-4 years of solid litigation experie...

Apply Now

Mid-level IP Litigation Attorney with electrical engineering experience

USA-CA-San Francisco

San Francisco office of our client seeks mid-level intellectual property attorney with 3-5 years of ...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

Associate Attorney

USA-AL-Birmingham

Associate with three (3) to five (5) years of experience to work in its Architects / Engineers ...

Apply now

Associate Attorney

USA-AL-Birmingham

Associate to practice in the firm\'s Employment litigation group.  Three (3) to five (5) years ...

Apply now

Sr. Attorney I

USA-DC-Washington

To be part of the AMA is to be part of our Mission to promote the art and science of medicine and th...

Apply now

Worker's Compensation Paralegal

USA-GA-Savannah

SUMMARY Work client files through the various stages of pre-litigation with an emphasis on client...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top