Big banks may boost litigation reserves for mortgage lawsuits

04/16/2010 | Wall Street Journal, The

JPMorgan Chase's strong first-quarter results include a $2.3 billion charge to boost litigation reserves, suggesting the company and other big banks are expecting mortgage-related legal fights, David Reilly writes in a Wall Street Journal commentary. "Rivals such as Bank of America, Citigroup and Wells Fargo also have legal exposures due to takeovers, or securitizations of mortgages and exotic financial instruments," Reilly writes.

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