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20 May 2015
Four banks plead guilty over FX manipulation
FXStreet (Córdoba) - Five banks, Barclays, UBS, Citigroup, J.P. Morgan Chase and Royal Bank of Scotland, pleaded guilty to manipulation in the FX market. A sixth, Bank of America, was not charged by the Justice Department but was fined by the Federal Reserve for similar conduct. The fines total $5.8 billion.
Citicorp, JPMorgan Chase & Co., Barclays Plc and Royal Bank of Scotland Plc agreed to plead guilty to conspiring to manipulate the price of US dollars and euros between December 2007 and January 2013 according to US Justice Department. The four banks who described themselves as members of “The Cartel” used online chat rooms to discuss their positions in the minutes before the rates were set.
UBS Group AG agreed to plead guilty to charges related to interest-rate manipulation but avoided a guilty plea over the currency market as it was the first bank to cooperate.
Meanwhile, the FBI said the scheme involved individuals at some large banks who manipulated rates for their own profit. The Justice Department said investigation into individuals continue.
Citicorp, JPMorgan Chase & Co., Barclays Plc and Royal Bank of Scotland Plc agreed to plead guilty to conspiring to manipulate the price of US dollars and euros between December 2007 and January 2013 according to US Justice Department. The four banks who described themselves as members of “The Cartel” used online chat rooms to discuss their positions in the minutes before the rates were set.
UBS Group AG agreed to plead guilty to charges related to interest-rate manipulation but avoided a guilty plea over the currency market as it was the first bank to cooperate.
Meanwhile, the FBI said the scheme involved individuals at some large banks who manipulated rates for their own profit. The Justice Department said investigation into individuals continue.