Top 10 Fines Imposed On Banks By US

Top 10 fines imposed on banks by US

NEW YORK: French bank BNP Paribas is expected to pay a record $9 billion fine for years of dealing with US-blacklisted Sudan and Iran, in a case that has strained ties between Paris and Washington. It will be a record US fine of a foreign bank.

Below is a list of the 10 largest fines in US banking history: 

1. $25 billion: Wells Fargo, JPMorgan Chase, Citigroup, Bank of America, Ally Financial

In February 2012, the banks collectively agreed to pay this amount - $20 billion in various forms of relief for home-loan borrowers and $5 billion in penalties and contributions to a cash fund for unfairly foreclosed homes -- to avoid prosecution over abuses.

2. $13 billion: JPMorgan Chase The bank, Wall Street's former poster child, paid in November 2013 to resolve a series of US and state lawsuits over the sale of toxic mortgage-backed securities.

3. $11.6 billion: Bank of America One of the rare big US banks whose headquarters is not in New York, the North Carolina-based Bank of America also paid the biggest penalty for the subprime mortgage crisis. In January 2013, BofA paid this fine to settle claims that it sold US government-controlled mortgage finance giant Fannie Mae hundreds of billions of dollars' worth of dud home loans.

4. $9.5 billion: Bank of America On March 26 this year, the bank, America's second-largest lender in assets, agreed to pay $9.5 billion to settle litigation by the Federal Housing Finance Agency over mortgage securities sold to Fannie Mae and fellow agency Freddie Mac.


5. $8.5 billion: Bank of America In June 2011 the bank agreed to compensate a group of investors who said they lost money on mortgage-backed securities bought before the financial crisis.

6. $2.6 billion: Credit Suisse In May 2014 the bank pleaded guilty to helping rich Americans lie to avoid paying taxes.

7. $1.9 billion: HSBC The British bank agreed to pay up in December 2012 to avoid prosecution for complicity in money laundering.


8. $1.7 billion: JPMorgan Chase In January the bank agreed to cough up to resolve charges its lax oversight enabled Bernard Madoff to build up the massive Ponzi scheme that bilked investors of billions.

9. $1.5 billion: UBS In December 2012 the Swiss bank paid out to put an end to legal proceedings linked to the alleged fixing of the inter-bank Libor interest rate.

10. $1.0 billion: Rabobank The Dutch bank paid just over $1.0 billion in October 2013 also for proceedings over the alleged Libor rate rigging.

Other cases under way could smash these records. Bank of America is facing a possibly $12-$17 billion penalty, while Citigroup could be facing as much as $10 billion, both over bad business practices in mortgages which were the origin of the global financial crisis.