Legal News

Estimate for Legal Services Increased by JPMorgan Chase
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

legal news, JPMorgan Chase, Citigroup

Summary: In a securities filing on Monday, JPMorgan Chase announced that it has increased its estimate for legal services relating to the investigation into the bank.

JPMorgan Chase noted a possible increase in legal costs during a securities filing on Monday, according to The New York Times.

  
What
Where


The bank said that it has increased its legal costs estimate by $2.4 billion, which is a possible sign that the investigation into the manipulation of the currency market is picking up steam.

To read more about JPMorgan Chase, click here.

In the filing, the bank also acknowledged that it is facing a criminal investigation from the Justice Department.

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!!




The investigation from the Justice Department could lead to criminal charges for at least one of the dozen banks involved in the United States and Britain.

The bank said the following in the filing: JPMorgan Chase is “currently engaged in discussions” with the Justice Department. “There is no assurance that such discussions will result in settlements.”



When the third-quarter earnings for the bank were released in October, the bank said it added $1.1 billion to its reserves for the legal department. The company said that the money was added to resolve the foreign exchange investigation.

The bank said that it might have to pay close to $5.9 billion more than its reserves.

Citigroup recently announced that it was adding $600 million to its legal reserves in order to handle the foreign currency investigation it faces. This new amount is in addition to the $950 million set aside in the third quarter of this year.

Read more about Citigroup here.

JPMorgan Chase has incurred legal expenses totaling $22.9 billion since 2010. This total includes the mortgage securities settlement of $13 billion paid last year.

Will JPMorgan Chase make another increase after this one? Use our poll below to share your thoughts.

Will JPMorgan Chase Increase its Estimate Again?

View Results

Loading ... Loading ...

Image credit: New York Times



 

RELEVANT JOBS

Full-time Family Law Attorney (s)

USA-PA-Camp Hill

Boutique family law firm in Central Pennsylvania is seeking 1 or more associate attorneys interested...

Apply now

Assistant Director, Investigations Division

USA-NJ-Trenton

The Investigations Division of the Office of the State Comptroller (OSC) seeks a motivated and commi...

Apply now

Staff Attorney

USA-VA-Dulles

Staff Attorney Join a member-driven leader in a fast-paced, challenging and collaborative environ...

Apply now

Associate Attorney

USA-CA-Glendale

Mid-sized ins. and bus. lit. firm seeking atty. with 1-2 years’ experience in ins. coverage, b...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

International Trust and Estates Attorney

USA-NY-New York City

New York City office of a BCG Attorney Search Top Ranked Law Firm seeks an international trust and e...

Apply Now

Real Estate Attorney

USA-NY-New York City

New York City office of a BCG Attorney Search Top Ranked Law Firm seeks a Real Estate Attorney with ...

Apply Now

Litigation Associate Attorney

USA-CA-Los Angeles

Los Angeles office of a BCG Attorney Search Top Ranked Law Firm seeks a litigation associate attorne...

Apply Now

SEARCH IN ARCHIVE

To Top