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"Think you\u2019ve got problems? Check out JPMorgan Chase\u2019s legal docket.\nThe second-biggest U.S. bank by assets said Monday that its legal losses in coming years could exceed the amount it has already set aside by as much as $4.5 billion.\n\n  \nSee you in court\nThat makes JPMorgan Chase \n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tJPM\n\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\n\t\t\t, by its own assessment, the bank with the biggest legal headaches coming up, unseating Citi \n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\tc\n\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\n\t\t\t, which last week said its own costs could exceed reserves by $4 billion.\nThe number brings the running toll of litigation-related losses on the biggest U.S. banks to $11.2 billion.\nJPMorgan\u2019s comment is worth noting because the bank has been among the more conservative U.S. financial institutions in bracing for the wave of legal challenges tied to the subprime meltdown and the mortgage mess.\nThe bank added repeatedly to its litigation reserves in 2010, and legal costs soared last year to $7.4 billion from $161 million a year earlier.\nJPMorgan Chase noted in its annual report filed with regulators that it and its subsidiaries \u201Care defendants or putative defendants in more than 10,000 legal proceedings, in the form of regulatory/government investigations as well as private, civil litigations.\u201D\nCEO Jamie Dimon has been saying the subprime fraudfest and the mortgage fiasco will take years to play out, while stressing that full employment for lawyers won&amp;#8217;t threaten the bank&amp;#8217;s good health.\nAnd of course, just because the bank is looking at a huge legal bill doesn\u2019t mean it has done anything wrong. JPMorgan Chase \u201Cbelieves it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously in all such matters,\u201D the bank says.\nAlso on Fortune.com:\n\nJPMorgan&amp;#8217;s $907 million Madoff bonanza\nBig banks, big legal hit\nJPMorgan&amp;#8217;s $400 million tweet"^^<http://www.w3.org/2001/XMLSchema#string>
<http://fortune.com/2011/02/28/jpmorgan-sees-4-5-billion-legal-hit/>