5 most fined companies in the world unveiled
In the world of big business, some companies have faced significant financial penalties for various violations.
According to Diggity Marketing, corporate fines can soar into the billions for major violations, and these amounts can accumulate significantly over time if a company repeatedly encounters legal troubles.
Here’s a look at the most fined companies ranked by the total amount:
Bank of America
The Bank of America tops the list with an alarming $82.8 billion in fines. The financial giant has faced 219 penalties, primarily related to the mortgage-backed securities scandal that contributed to the 2008 financial crisis.
JP Morgan Chase
JPMorgan Chase, a company based in the United States and involved in financial services has also been heavily fined, with a total of $35.8 billion. Like Bank of America, many of these fines are linked to the financial crisis and subsequent regulatory violations with a total of 162 fines.
BP
The British Petroleum Company Limited also known as, BP's significant fines are largely due to environmental disasters, most notably the Deepwater Horizon oil spill in 2010, which resulted in massive environmental damage and loss of life. With a total of $29.2 billion in fines, the company has received the penalty 283 times.
Citigroup
The United States' financial company, Citigroup has also faced numerous fines for its role in the financial crisis and other regulatory breaches, totaling $25.5 billion. The company has had to pay a fine for 125 times.
Volkswagen
Volkswagen's hefty fines are primarily due to the emissions scandal, where the company was found to have manipulated emissions tests to meet regulatory standards in 2015. The vehicle company in Germany has received 58 fines and has paid $23.8 billion in total.
