European, US Banks To Face $70Bn Bill For ‘Misbehavior’ – Morgan Stanley – 14 January 2015

RT logoMorgan Stanley researchers have found that together European and US banks will have to find $70 billion by the end of 2016, most of it for litigation related to mis-selling of US mortgages and foreign exchange trading.

Among European lenders, British banks Barclays and the Royal Bank of Scotland (RBS) are expected to be among the hardest hit, explains Reuters referring to the Morgan Stanley report.

European banks have already coughed up $104 billion over the past five years, much of it in compensation and fines for bad practice, including the mis-selling of insurance in the UK, and the mis-selling of mortgages and the manipulation of benchmark interest rates in the US.

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US banks have already paid out far more than those in Europe. Five American banks have forked out $128 billion and will have to find another $18 billion.

Read the full story at: www.rt.com / link to original article

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