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Banks Could Face $17 Billion in Lawsuits Banks Could Face $17 Billion in Lawsuits Banks Could Face $17 Billion in Lawsuits Banks Could Face $17 Bill...

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Banks Could Face $17 Billion in Lawsuits

photo of Ben Terris
May 25, 2011

Five of the nation’s largest banks don’t deny that they are liable for issuing improper foreclosures, and have suggested that they settle for $5 billion. That number may not cut it with news that state attorneys general are suggesting they may be liable for closer to $17 billion in civil lawsuits if a settlement isn’t reached.  

Representatives of the banks had individual meetings on Tuesday with state and federal officials, but The Wall Street Journal reports the two sides still haven’t agreed upon an acceptable number. Some officials have even pushed for a number closer to $20 billion.

The banks say that the issues were not intentional, but rather technical, and that few borrowers have faced wrongful foreclosures.

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