The US Department of Justice is set to fine multiple banks for alleged foreign exchange market manipulation, and wants to issue the sanctions simultaneously so as to not single out a single institution, unnamed sources say.
Settlements with multiple banks are likely to come early next year, the sources say, and are likely to include charges of price-fixing and collusion among forex traders.
Reports say simultaneous settlements are a new direction for the DOJ and would allow federal authorities to close a significant portion of the case at once.
Reports say JPMorgan Chase, UBS and Citigroup are all expected to settle with the DOJ, though all declined to comment.
Full content: Chicago Tribune
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