JPMorgan Creates $23 Billion Reserve Fund For Litigation Costs

As JPMorgan's legal costs mount from several governmental investigations, the investment firm has set aside a $23 billion reserve fund for litigation costs, The New York Times reports. But all the bank's legal woes will be good for law firms: "Even as defense lawyers publicly complain that government regulators are being too aggressive, they privately celebrate the windfall. Law firms in New York and Washington are collectively earning many hundreds of millions of dollars representing JPMorgan in cases ranging from weak controls against money laundering to commodities trading, according to interviews with senior partners at several of top firms," The Times also reports.