Banks Will Pay $5.6 Billion To Settle...Y'Know

Foreign exchange manipulators, come on down!
Author:
Updated:
Original:

Five global banks have agreed to pay more than $5 billion in combined penalties and will plead guilty to criminal charges to resolve a long running U.S. investigation into whether traders at the banks colluded to move foreign currency rates in directions to benefit their own positions. Four of the banks, J.P. Morgan Chase & Co., Barclays PLC, Royal Bank of Scotland Group PLC, and Citigroup Inc., will plead guilty to conspiring to manipulate the price of U.S. dollars and euros, authorities said. The fifth bank, UBS AG, received immunity in the antitrust case, but will plead guilty to manipulating the Libor benchmark after prosecutors said the bank violated an earlier accord meant to resolve those allegations of misconduct. UBS will also pay an additional Libor-related fine...Bank of America Corp. will also pay a $205 million penalty to the Fed to resolve the regulator’s foreign exchange probe. [WSJ]

Related

RBS, Barclays In For A World Of Pain: JP Morgan

Any money the banks are making now should apparently be earmarked for future payouts to regulators, of which there will be many.

smiley face

Citigroup To Pay $425 Million For Smiley Face Emoticon

Manipulating financial benchmarks is sooooo easy :)

Justice Department To UBS: On Second Thought, Go F*ck Yourselves

Just kidding about that non-prosecution agreement.