Bloomberg News reports that European firms, which have set aside or paid out more than $80bn since 2009, face about $130bn of litigation and settlement costs in total, analysts led by Huw van Steenis wrote in a note to clients today. U.S. firms, which have so far made provisions for or paid out $125bn, may have only to set aside a further $25bn, the analysts said.
Barclays and Royal Bank of Scotland face the largest increases in legal costs among European banks, van Steenis wrote. Barclays will have about $11.9bn of additional legal costs through 2016, compared with the $10bn it’s already set aside or paid out since 2009. RBS’s legal bills may rise by $11.3bn over the same period from $11.7bn, he added.
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