US banking giant Citigroup said it could plead guilty to an antitrust violation as part of a settlement of charges it helped rig the massive foreign exchange market.
Citigroup said it is in “active” discussions to settle the forex probe and that “a resolution with the Department of Justice could include a guilty plea on an antitrust charge,” in a filing with the Securities and Exchange Commission.
A settlement in the forex rigging case between five banks, including Citigroup, and US and British regulators could be announced as soon as Wednesday, according to The Wall Street Journal.
The size of the fine was expected to range by institution, with some banks paying hundreds of millions of dollars and the most egregious violators paying more than $1 billion.
The sprawling forex probe has ensnared most large banks and centered on accusations traders conspired through instant messages and online chats to manipulate the market in ways that cheated clients and bolstered their own profits.
Besides New York-based Citigroup, the other banks settling would be US bank JPMorgan Chase, British banks Barclays and Royal Bank of Scotland, and Swiss bank UBS.
Full content: The Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Justice Department Moves to End NCAA Transfer Rule
May 30, 2024 by
CPI
Kenya’s Competition Authority Proposes Tougher Regulations on Big Tech
May 30, 2024 by
CPI
KKR Secures EU Antitrust Approval for $24 Billion Acquisition of Telecom Italia’s Fixed-Line Network
May 30, 2024 by
CPI
European Court Sides with Tech Giants in Italian Regulatory Dispute
May 30, 2024 by
CPI
US Steel and Nippon Steel Secure International Approvals for $14.9B Merger
May 30, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI