Five world largest banks to pay $5.7 bn in fines for manipulating forex market
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US officials say five of the world's largest banks are to pay fines totaling 5.7 billion dollar for manipulating the foreign exchange market. Four of the banks - JPMorgan, Citigroup, Barclays, RBS - have agreed to plead guilty to US criminal charges. The fifth, UBS, will plead guilty to rigging benchmark interest rates. Barclays was fined the most, 2.4 billion dollar, as it did not join other banks in November to settle investigations by UK, US and Swiss regulators.
US Attorney General Loretta Lynch said that "almost every day" for five years from 2007, currency traders used a private electronic chat room to manipulate exchange rates. Their actions harmed countless consumers, investors and institutions around the world.
US Attorney General Loretta Lynch said that "almost every day" for five years from 2007, currency traders used a private electronic chat room to manipulate exchange rates. Their actions harmed countless consumers, investors and institutions around the world.
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