Mortgage Warrior

JPMorgan Chase (JPM: 45.31 -1.67%) may need a legal cushion of $4.5 billion in excess of current levels to handle litigation and regulatory actions against the banking giant, the firm said in a Securities and Exchange Commission filing.

At Dec. 31, some 10,000 legal actions are pending against the bank, JPMorgan said in a filing this week.

"The litigations range from individual actions involving a single plaintiff to class-action lawsuits with potentially millions of class members," according to the filing. "With some litigants still unknown and cases subject to change, the amount JPMorgan spends in excess of its 2010 legal budget could range from zero to $4.5 billion."

http://www.housingwire.com/2011/03/01/jpmorgan-needs-4-5-billion-to-fight-10000-legal-actions