Malaysian state fund 1Malaysia Development Berhad sues units of Deutsche Bank, JPMorgan Chase, and Coutts for a combined amount of US$2.9 billion on the basis of negligence and conspiracy to defraud. The lawsuit is a bid to recover lost assets of more than $23 billion.
Five big banks Barclays, RBS, Citi, JP Morgan and UBS are fined $5.7 billion after a United States Department of Justice investigation into collusion by forex traders in several countries. The investigations estimated the banks profited over $100 billion from these crimes.
A watchdog group releases a report that details write-downs of $19 billion on more than 168,000 properties by five United States banks. Under terms of a federal and state settlement of foreclosure-processing violations reached one year ago in March, Bank of America lost the most and had $13.5 billion in homeowner debts written off. The other banks are Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, and Ally Financial Inc. [http:--www.foxbusiness.com-news-2013-02-21-us-banks-write-down-1-billion-under-settlement-?intcmp=obnetwork (FoxBusiness)]date=July 2019
For $8.5 billion, ten banks settle to stop mortgage foreclosure process audits. The United States government regulators had been engaged in a loan-by-loan review of home loan practices during the Great Recession. Bank of America, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, MetLife Bank, Aurora Bank FSB, PNC Financial Services Group Inc, Sovereign Bank NA, SunTrust Banks Inc, and U.S. Bancorp settle with regulators to pay out cash up to $125,000 to homeowners whose homes were being foreclosed when the paperwork problems emerged. Further, Bank of America agrees to pay $11.6 billion to government mortgage finance company Fannie Mae.
Internet retailer Overstock.com has amended its complaint in a long-standing lawsuit against Goldman Sachs and Merrill Lynch to demand treble damages under New Jersey's racketeering statute. Merrill Lynch is a subsidiary of Bank of America.