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JPMorgan Raises Legal Reserve by at Least $1.5 Billion

JPMorgan Chase & Co., the biggest U.S. bank by assets, increased its litigation reserve by more than $1.5 billion in the third quarter to help cover a “crescendo” of potential legal claims.

“This addition to reserves covers a number of different matters, some of which you’ve been reading about,” Chief Financial Officer Marianne Lake said yesterday at the Barclays Global Financial Services Conference in New York. “There’s been a crescendo of activity in past weeks and we are reacting to that where it makes sense.”