EU/ US: Four big banks expected to plead guilty to rigging FX

Four big banks are expected to plead guilty to rigging foreign-currency exchange rates and pay billions in combined penalties as part of settlement agreements expected to be announced as early as next week, the Wall Street Journal reported.

The report indicated that US prosecutors are preparing to announce separate settlements simultaneously with Citigroup Inc, Barclays PLC, JPMorgan Chase & Co and The Royal Bank of Scotland Group PLC. The banks are expected to plead guilty to criminal antitrust charges for alleged collusion by traders in foreign-currency markets.

According to the report, the Justice Department’s global probe has examined whether traders manipulated exchange rates to benefit their own positions. The penalties are expected to vary depending on each bank’s role in the alleged collusion, ranging from several hundred million dollars to more than USD1 billion.

Barclays is expected to pay more than USD 1 billion to a variety of agencies to settle its case, including US and European authorities.

Full content: The Wall Street Journal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.