JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) Fall on Court Ruling

A court ruling in Massachusetts resulted in the share price of large-cap banks like JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) plunging as uncertainty surrounding the effect on them came into view.

The court case centered around whether or not two foreclosures of homes were in fact owned by Bank of America and US Bancorp (NYSE:USB) when they were foreclosed upon.

The ruling was there weren't the owners of the mortgages, and that could have repercussions on the foreclosure process, in that it will be slowed down, and also on the repackaging of mortgages into securities, which could be the more dramatic effect.

Bank of America closed Friday at $14.25, down $0.19, or 1.32 percent. JPMorgan closed at $43.64, down $0.84, or 1.89 percent. Wells Fargo closed down to $31.50, losing $0.65, or 2.02 percent. Citigroup ended the week at $4.94, dropping Friday by $0.01, or 0.20 percent.