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Large global banks' legal tab is poised to soar beyond $100 billion as investors, insurers and municipalities pursue damages for actions tied to the mortgage meltdown, the financial crisis and the rate-rigging scandal.
This month, Citigroup Inc. agreed to pay $730 million to settle claims that it misled investors in four dozen bond and preferred-stock offerings. Deutsche Bank AG cut its 2012 profit target by 60%, citing higher U.S. mortgage-litigation reserves. Government-controlled mortgage investor Freddie Mac sued more than a dozen big banks, claiming they colluded to manipulate the London interbank offered rate, or Libor.
Concerns over banks' exposure to ...
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