Jamie Dimon of JPMorgan Sees 3-10 Years of Litigation Ahead for Uber Banks
The Financial Times today includes an article focusing on Basel and capital requirements for uber banks. Written by Tom Braithwaite in New York and Patrick Jenkins in London, the article closes with Jamie Dimon commenting on perhaps 3-10 years of litigation for banks and other financial houses:
"US banks are struggling to deal with new regulations and litigation, both stemming from the financial crisis. Mr Dimon said it could be “three to 10 years” before the industry emerged from lawsuits brought by investors looking for compensation for the losses incurred on structured products underpinned by bad mortgages.
He said he was ready to agree a settlement over lax servicing and foreclosure standards that is expected to see the industry pay $20bn in penalties. But he said banks could not be placed in “double jeopardy” and needed an appropriate release from legal liability."