New documents from JPMorgan Chase reveal how much money the largest bank in the US is spending on legal battles.
The bank’s new 8-K filings with the U.S. Securities and Exchange Commission show that the company spent $2.14 billion on legal fees over the past two years.
That amounts to $1.4 billion for the full year in 2023 and $740 million in 2024.
The figures include JPMorgan’s recent major settlement with the SEC, in which the bank paid $151 million in combined civil penalties and voluntary payments to investors.
The payments put an end to allegations that the bank misled investors, favored its own financial interests over customers and engaged in prohibited transactions.
JPMorgan also faced lawsuits related to Jeffrey Epstein in 2023 and 2024, including actions from victims and the U.S. Virgin Islands, which resulted in substantial settlements.
The Consumer Financial Protection Bureau (CFPB) is the latest US agency to file a lawsuit against the bank.
Last month, the CFPB sued JPMorgan Chase, along with Bank of America, Wells Fargo and Zelle, over an alleged failure to properly address widespread fraud and unauthorized transactions on the Zelle platform.
In June, Chase warned that proposed regulations from the CFPB and the Federal Reserve, including new caps on delinquencies on credit and debit cards and higher capital reserves, could prompt the bank to eliminate free payment services.
In total, JPMorgan has paid more than $40 billion in fines and settlements to regulators, enforcement agencies and lawsuits related to anticompetitive practices, securities misuse and other violations.
This is evident from new figures from the public Violation Tracker, a database for corporate misconduct that tracks cases from the year 2000 to the present.
In its latest earnings report, Chase said it posted a profit of $14 billion in the fourth quarter of 2024, while posting its largest annual profit ever at $58.5 billion.
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