Legal News

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

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!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Eminent Domain Attorney

USA-TX-Richmond

Richmond office of our client seeks eminent domain attorney with 5+ years of experience. The candida...

Apply Now

RELEVANT JOBS

Hotline & Training Managing Attorney (IMMIGRATION)

USA-NY-New York City

The Hotline & Training Services Managing Attorney will guide, develop, and supervise the Hotline sta...

Apply now

Litigation paralegal

USA-TX-Dallas

We are looking to immediately hire a responsible, highly organized, self-motivated litigation parale...

Apply now

Attorney

USA-TX-Dallas

Associate Attorney – 7 to 10 Years’ Experience - Dallas/Fort Worth   ...

Apply now

Associate Attorney

USA-TX-Dallas

Associate Attorney – 3 to 5 Years’ Experience - Dallas/Fort Worth   ...

Apply now

SEARCH IN ARCHIVE

To Top