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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

US and Brussels target at least 12 banks over forex

By cpowell
Created 2014-11-13 21:21

Kara Scannell and Alex Barker
Financial Times, London
Thursday, November 13, 2014

Six banks agreed a $4.3 billion settlement with UK, US, and Swiss regulators on Wednesday for allegedly attempting to manipulate the foreign exchange market. But for them and at least half a dozen other banks and their legal and public relations, the exposure is far from over as US and European investigators continue to pursue cases.

The US Department of Justice is investigating numerous banks, former traders, and salesmen for allegedly manipulating the $5.3 trillion forex market and overcharging customers, while evidence obtained by Europe's top competition authority, people close to the probe said, is of "startling quality."

The investigations, which are expected to play out over the next year or longer, will probably result in large fines and criminal findings from the DoJ, these people say. ...

... For the remainder of the report:

http://www.ft.com/intl/cms/s/0/3f33027a-6b51-11e4-9337-00144feabdc0.html... [1]



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