In a surprise announcement, JPMorgan's chief executive, Jamie Dimon, declared a $380m loss, entirely the product of $9.2 billion the bank has set aside for settlement costs, which offset what otherwise would have been a good quarter.
Firms would have to disclose any money set aside for potential settlements; not for each case, but for each type of case.
This was part of a large tract in the Amazon forest set aside for Japanese settlement by the Brazilian government.
The $110 million set aside for the proposed settlement amounts to about $55 for each of the 2 million unauthorized accounts Wells Fargo said may have been created.
The company has already exceeded the $7.8bn it set aside for the uncapped settlement, and recently took out newspaper ads saying the system was being abused.
In addition, Sotheby's said that customers stood to earn millions of dollars more from interest on money being set aside for the damage settlement.
But when asked what the owners would do with the money they might make from a sale, Cohen said it would be put into running the team, not pay the owners dividends or be set aside for a possible settlement.
About $30 million of the settlement has been set aside for restoring natural resources.
Microsoft, which is based in Redmond, Wash., will pay for the settlement from reserves set aside for such claims, the company said.
The victims' families, along with those who were wounded, would share $900,000 under the settlement, with $100,000 set aside for five years in case of additional claims.
