Legal News

Record Year for Bank Fines in United States
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

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.


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!!



Part-Time Legal Assistant


QUALIFICATIONS Legal Assistant must be detail-oriented and possess excellent organizational, time...

Apply now

Legal Assistant


Kuhlman, Reddoch & Sullivan, a Liberty Mo law firm is seeking a Legal Administrative Assistant. Only...

Apply now



Job details Salary Up to $100,000 a year Job Type Full-time Part-time Benefits ...

Apply now

Associate Litigation Attorney

USA-CA-Beverly Hills

Growing Beverly Hills litigation law firm specializing in a variety of business, real estate, and em...

Apply now




Search Now

Commercial Litigation Associate Attorney


Boston office of a BCG Attorney Search Top Ranked Law Firm seeks a commercial litigation associate a...

Apply Now

Foreclosure Attorney


Atlanta office of a BCG Attorney Search Top Ranked Law Firm seeks foreclosure attorney with experien...

Apply Now

Foreclosure Attorney


Memphis office of a BCG Attorney Search Top Ranked Law Firm seeks foreclosure attorney with experien...

Apply Now

Most Popular


To Top