2012; the year of the Bent Banks.
Compiled and researched by Ben Walsh; Reuters.
Additions by Ian Taplin;Whistle Blowers UK.
21 12 2012.
Bank of America:
the US Justice Department is seeking $1 billion in fines for troubled loans sold to Fannie and Freddie; MBIA’s lawsuit against Countrywide, which was disastrously acquired by BofA, rolls on; BofA is one of five banks participating in the $25 billion national mortgage settlement. (Price to book: 0.56, here and throughout via Yahoo Finance)
Bank of China:
the families of Israeli students killed in a 2008 terrorist attack are suing the BOC for $1 billion “intentionally and recklessly” handling money for terrorist groups.
Bank of New York Mellon:
a subsidiary paid $210 million to settle claims it advised clients to invest in Bernie Madoff’s ponzi scheme; the DOJ continues to investigate possible overcharges for currency trades that it says generated $1.5 billion in revenue. (Price to book: 0.86)
settled overdraft suit for $11.5 million. (Price to book: 0.83)
settled CDO lawsuit for $590 million; one of five banks participating in the $25 billion national mortgage settlement; paid $158 million to settle charges it “defaulted the government into insuring” risky mortgages. (Price to book: 0.62)
sued by NY state for allegedly deceiving investor in the sale of MBS. (Price to book: 0.85)
settled money laundering charges for $1.9 billion; set aside $1 billion for future settlements related to mis-selling loan insurance and interest rate hedges in the UK; Libor settlement still to be reached. (Price to book: 1.17)
settled charges that it violated sanctions against Iran, Cuba, etc. for $619 million. (Price to book: 0.5)
JP Morgan Chase:
being sued by NY state for MBS issued by Bear Stearns; class action lawsuit and criminal probe over failed derivatives trades in its Chief Investment Office; one of five banks participating in the $25 billion national mortgage settlement. (Price to book:0.87)
paid an $8.6 million fine for violating US sanctions on Iran, Sudan, Myanmar and Cuba. (Price to book: 0.54)
fined $5 million for improper investment banking influence over research during Facebook’s IPO. (Price to book: 0.63)
Royal Bank of Scotland:
$5.37 billion shareholder lawsuit related to 2008 rights issuance; set aside $650 million to cover claims it mis-sold payment protection products; also fined by the FSA for mis-sold interest rate hedges. (Price to book: 0.28)
fined by the FSA for mis-sold interest rate hedges. (Price to book: 0.77)
rogue trader Jerome Kerviel loses appeal his appeal 3-year sentence for trades that generated $6.5 billion in losses. (Price to book: 0.45)
$340 million fine paid to NY state department of financial services for allegedly hiding the identity of customers in transactions with Iran and drug cartels; $327 million paid to the Federal Reserve and US Treasury’s anti-money laundering unit.
fined $5 million for lack of CDO disclosure. (Price to book: 1.09)
Federal lawsuit over mortgage foreclosure practices ongoing; paid $175 million over mortgage bias claims; one of five banks participating in the $25 billion national mortgage settlement. (Price to book: 1.29)
And Lloyds Banking Group ;-
1.FSA investigation on Libor rigging.
2.FSA Investigation for Interest Rate Swaps mis-selling
3 £4bn fines and compensation on Payment Insurance mis-selling.
4.FSA enforcement action over unsuitable incentives in LTSB.
4.Under investigation for HBOS Reading Business lending ;on allegations of predatory lending and apparent insolvency fraud.
5.Under FSA Investigation on allegations of mis-selling packaged current accounts.
6.Under FSA Investigation for allegedly mis-selling Life Products.
7.Under FSA Investigation for allegedly risking Client Data security .