Forex rate rigging 5 top global banks to plead guilty, pay fine
Authorities have fined five of the world\'s largest banks, including JP Morgan Chase & Co and Citigroup Inc, roughly $5.7 billion, and four of them agreed to plead guilty to the US criminal charges over manipulation of foreign exchange rates, the US Department of Justice said on Wednesday.
New York/Washington: Authorities have fined five of the world's largest banks, including JP Morgan Chase & Co and Citigroup Inc, roughly $5.7 billion, and four of them agreed to plead guilty to the US criminal charges over manipulation of foreign exchange rates, the US Department of Justice said on Wednesday.
The fifth bank, UBS AG, will plead guilty to rigging benchmark interest rates, the Justice Department said. US banks JPMorgan Chase and Citigroup will pay $550 million and $925 million in criminal fines, respectively, as part of their guilty pleas. British banks Barclays will pay $650 million in criminal penalties and Royal Bank of Scotland $395 million.
