Profits fall as legal costs rise for banks

Wall Street banks have paid $130 billion in legal costs to compensate for their role in the financial crisis.
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Stuart Monk

Legal settlements are negatively impacting bank, according to New York Comptroller Thomas Di Napoli. He said that since 2009, the six largest bank holding companies had agreed to pay an estimated $130 billion in settlements and predicted this could depress earnings this year.

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