Sotheby's reported yesterday that fines, settlement costs of a civil suit and legal fees related to the investigation cost it $203.1 million last year.
The global banking industry racked up more than £166bn in fines, settlement fees and provisions between 2009 and 2013, the CCP Research Foundation has found.
To date, BP has agreed to pay an estimated $30 billion in fines, settlement payments and cleanup costs related to the Deepwater Horizon explosion, which killed 11 workers aboard the rig.
This phenomenon is attributed to the counteraction between formation damage (cleats plugging and coal fines settlement) and breakthrough of coal fines from the samples (widened cleats).
Heartland estimated that breach cost it $140 million in fines, settlements and legal fees.
The bank set aside $700 million to cover fines, settlements and other expenses related to the inquiry, and its chief of compliance resigned.
The British bank HSBC has set aside $700 million to cover the potential fines, settlements and other expenses related to charges by United States authorities.
On Monday, HSBC said that it had set aside $700 million to cover the potential fines, settlements and other expenses related to a money-laundering inquiry in the United States.
The bank said on Monday that it had set aside an additional $800 million to cover potential fines, settlements and other expenses related to the investigation, bringing the total earmarked amount to $1.5 billion.
There is no amount of money, fines, settlements or payments that is commensurate with the hardship that the arrogance, unethical and fast dealing behaviors of banks and their leaders have caused.
The fine, a settlement of a federal suit filed in March 1999, is one of the largest penalties ever imposed on any private or government agency for violating the 1990 Clean Air Act, an agency spokeswoman said.
