FX.co ★ The 9 largest bank settlements in history

Bank of America: $16.65 billion

The enormous penalty was the largest settlement in United States history between a corporation and the U.S. government. The payment was levied against Bank of America for packaging mortgage-backed securities that were not nearly as financially sound as investors were led to believe.

JP Morgan Chase: $13 billion

JP Morgan reached this massive settlement with federal regulators. It bought Bear Stearns and Washington Mutual at fire sale prices during the depths of the recession. Unfortunately for JPMorgan, it also took on all existing and future legal obligations of these two banks when it did so. Both Bear Stearns and Washington Mutual were heavily involved in bundling and reselling subprime mortgage securities to investors in the run-up to the financial crisis.

Bank of America: $11.8 billion

This time the penalty was paid by the bank within the framework of the National Mortgage Settlement program. Approximately $1 billion of this settlement was paid to the Federal Housing Authority to address charges that Bank of America's subsidiary, Countrywide Financial, conned the agency. Besides this additional fine, Bank of America's principal mortgage deductions came in at $100,000 per mortgage. Also, much of the settlement went toward offering homeowners refinancing options.

BNP Paribas: $8.9 billion

In 2015, this huge French bank pled guilty to violating the International Emergency Economic Powers Act and the Trading with the Enemy Act. Essentially the bank had violated the sanctions in place against Cuba, Iran, and Sudan.

Bank of America: $8.5 billion

In 2008, Bank of America acquired Countrywide, the largest home lender in the United States prior to the financial crisis. In 2011, Bank of America agreed to shell out more than $8.5 billion to finally absolve Countrywide's sins in selling $174 billion worth of subprime mortgage-backed assets.

Deutsche Bank: $7.2 billion

In December 2016, Deutsche Bank agreed to cough up $7.2 billion for selling toxic assets in the lead up to the housing crash. As of last September, Deutsche Bank had set aside about $6.2 billion for legal costs. Not all of this will be paid as a fine to the U.S. Department of Justice, however, since about $4.1 billion will be directed toward loan modifications and consumer relief spread out over the next five years.

Wells Fargo: $5.35 billion

This bank paid a very large penalty as a result of fraud and robo-signing practices (signing and certification of documents without a verification procedure). Besides, the bank was accused of losing important mortgage paperwork.

Credit Suisse: $5.3 billion

Credit Suisse sold toxic debt prior to the financial crisis. About $2.48 billion of the settlement will be paid as a civil penalty and $2.1 billion will go toward consumer relief.

JPMorgan Chase: $5.29 billion

In February 2012, 49 states and the federal government reached an agreement, in what is now known as the National Mortgage Settlement, with the five largest banks in the country, including JPMorgan Chase. The five banks agreed to pay out a total of $26 billion in fines; $5.29 billion of which came from JPMorgan Chase. One of the primary offenses the banks were accused of was participating in the practice of robo-signing.