Topics

Antitrust Issues

5 global banks to pay $5.7 billion in fines over currency manipulation

5 global banks to pay $5.7 billion in fines over currency manipulation

They called themselves the Cartel, and that turned out to be an appropriate name. Traders and sales agents used electronic chat rooms, prosecutors said, to conspire to manipulate prices in the $5-trillion-a-day foreign currency markets. They secretly marked up transaction costs, telling customers they hadn't. "If you ain't cheating," said one trader at British bank Barclays Plc, "you ain't trying." The Justice Department, in a high-profile investigation into the manipulation of currency markets, announced a $5.7-billion settlement that included rare criminal charges against five global banks, including New York giants Citigroup Inc. and JPMorgan Chase...

Loading
89°