The Obama Justice Department A Boon For Lawyers
The financial crisis of 2008 continues to have a devastating effect on the lives of many Americans. However that same crisis has been a blessing for many others- namely lawyers. With each new round of Eric Holder justice department fines and penalties against banks for their role on the crisis, a few New York law firms are reaping billions in Fees. J.P Morgan Chase, which has by far paid the largest penalties, has set aside approximately $23 billion in legal reserves to settle claims and expenses. High powered firms like Sullivan & Cromwell, Paul, Weiss, Rifkin, Garrison; and Wilmer Hale represent JP Morgan. Other large banks such as Citi, Bank of America, Morgan Stanley and Wells Fargo have ponied up an additional $50 billion in fines to the feds. To date, the largest banks have forked over $128 billion in fees and counting. So far the largest chunk paid out by bank of America. No doubt that their lawyers are also enjoying a windfall. Whenever regulators go after big banks and