Four big banks are expected to plead guilty to rigging foreign-currency exchange rates and pay billions in combined penalties as part of settlement agreements expected to be announced as early as next week, the Wall Street Journal reported.
The report indicated that US prosecutors are preparing to announce separate settlements simultaneously with Citigroup Inc, Barclays PLC, JPMorgan Chase & Co and The Royal Bank of Scotland Group PLC. The banks are expected to plead guilty to criminal antitrust charges for alleged collusion by traders in foreign-currency markets.
According to the report, the Justice Department’s global probe has examined whether traders manipulated exchange rates to benefit their own positions. The penalties are expected to vary depending on each bank’s role in the alleged collusion, ranging from several hundred million dollars to more than USD1 billion.
Barclays is expected to pay more than USD 1 billion to a variety of agencies to settle its case, including US and European authorities.
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
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI