Banks’ bill could exceed $100m

A DECADE after the financial crisis, European banks’ bill for past misconduct could exceed $100 billion (R1.27 trillion) globally, with several lenders still facing cases potentially costing billions of dollars to settle. A tally of disclosed fines, settlements and litigation payments shows that the banks have spent at least $81bn in the past decade to resolve accusations including market manipulation, sanctions violations and the sale of toxic mortgage securities that contributed to the crisis. Analysts say the lenders with the biggest misconduct bills so far could face an additional $33bn or more in US litigation risk. The biggest wild card may be the US Department of Justice. Some lenders, including Royal Bank of Scotland Group and UBS Group, have yet to settle with the US over their role in selling mortgage securities. – Bloomberg