Big banks finalize $6 billion-plus settlements on FX rigging


From the Financial Times, London
Monday, May 11, 2015

Five of the world's biggest banks are finalising agreements to collectively pay more than $6 billion for allegedly manipulating foreign exchange markets, with an announcement expected as soon as Wednesday.

Switzerland's UBS will pay less than $800 million, people familiar with the situation said. The highest fines will be borne by the UK's Barclays, which is expected to agree to pay about £2 billion, or about $3.1 billion. JPMorgan Chase, Royal Bank of Scotland, and Citigroup are all expected to pay as much as $1 billion each. ...

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