Bank legal bills on the way down

In a preview of the new year, the FT says: 'The final legal bills for the crisis are coming in. More banks will pay to resolve allegations they mis-sold mortgage-backed securities after JPMorgan’s recent record $13bn penalty, with BofA [Bank of America] and Citigroup among the banks in the crosshairs of the Justice Department. There is some risk that private litigation over the rigging of Libor will cause real pain. But 2013 looks very much like the peak – legal costs should fall from here, helping banks’ bottom lines.' Source: FT