6 Big Banks Generate Over $100 Billion of Legal Costs in 5 Years
Over the past five years, the six largest US banks have paid out more in settlements and legal fees ($103 billion) than in dividends. So says a Bloomberg story picked up in a story by The Global Legal Post. The amount is said to work out to $ 51 million per day, and to equal all of their profits for 2012.
One might say the numbers highlight that big bank profits are far greater than law firm profits. But members of the litigation industry, especially New York law firms, certainly appreciate all the fees generated by the acts of big banks.