The Committee on Capital Markets Regulation today released data on the total public financial penalties imposed on financial institutions in the United States in the first quarter of 2014. Public financial penalties include public class action settlements that arise from class action lawsuits brought by the government (e.g., state attorneys general) and regulatory penalties that follow enforcement actions by regulatory agencies including the SEC, CFTC, and others.
In the first quarter of 2014, total public financial penalties reached approximately $11.7 billion, with over $9 billion of penalties imposed on two institutions, Bank of America and JPMorgan. The substantial first quarter total follows the record high annual amount of financial penalties imposed in 2013. The data show that financial institutions in the U.S. continue to face historically unprecedented public financial penalties.
Public Settlements and Regulatory Penalties on Financial Institutions through 2014Q1
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