Citigroup One Guilty Plea From Being Allowed To Spend Several Billion Dollars To Make Rategate Go Away

So that's nice for them.
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Ready for the prison yard.

Back in November, Citigroup and all of the other bad kids in the back of the foreign-exchange rate-setting classroom (in other words, all of them) promised to mend their ways (and pay a collective $3.3 billion). A month later, Mike Corbat said that the $2.7 billion legal charge the bank took in the fourth quarter should more or less cover the whole ugly mess and allow him to “largely put those [issues] behind” him. Which may or may not be true, financially-speaking, once the small matter of Citi pleading guilty to criminal charges is taken care of.

Citigroup Inc said it could plead guilty to an antitrust charge to resolve a U.S. Department of Justice investigation of its dealings in foreign exchange markets.

In a regulatory filing on Monday, the company also said the Justice Department had advised that it did not intend to prosecute the bank in a separate investigation into the setting of interest rates between banks.

Citigroup says could plead guilty to settle forex probe [Reuters]
Citigroup Says Could Plead Guilty in DOJ’s Forex Investigation [WSJ]
Banks Expected to Settle FX Probes for Billions [WSJ]

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