WASHINGTON–Since the financial crisis of 2007-08, the world’s biggest banks have agreed to pay close to $60 billion in fines to the U.S. Justice Deptartment alone, largely for creating and selling toxic mortgage-backed investments, according to CNN Money.
That number does not include the tens of billions that the banks have also paid in connection with lawsuits from investors or other federal agencies, including NCUA.
Most recently Germany's Deutsche Bank and Switzerland's Credit Suisse agreed to settlements with the Justice Department worth combined $12.5 billion, CNN Money reported. A majority of that money will go directly towards programs designed to help homeowners and borrowers.
According to CNN Money, the list of some of the biggest banks and their settlements with the Justice Department, from oldest to newest, include:
- JP Morgan, $13 billion
- Citi, $7 billion
- Bank of America, $16.7 billion
- Goldman Sachs, $5 billion
- Morgan Stanley $3.2 billion
- Deutsche Bank, $7.2 billion
- Credit Suisse, $5.3 billion
CNN Money noted that other settlements have included the $12-billion Bank of America paid to help settle lawsuits over wrongful foreclosures, and the $1.8-billion paid by Wells Fargo for shady mortgage lending practices.