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US/UK: DOJ to question London forex traders

 |  November 26, 2014

The US Department of Justice is reportedly set to travel to London in the near future to interview traders regarding foreign exchange market manipulation, according to unnamed sources.

Officials from the DOJ are set to discuss the matter with current and former traders at HSBC and other financial institutions, but the sources said the interviews do not necessarily mean charges will be filed against the banks or its traders.

The DOJ has reportedly given banks until mid-December to turn over information regarding alleged market manipulation; JPMorgan Chase, Citigroup and other banks have all confirmed they are under criminal investigation in the case.

DOJ charges would follow just weeks after other authorities in the US as well as Switzerland and the UK issued fines against several financial institutions a total of $4.3 billion for alleged foreign exchange market manipulation. In the last two years, more than $10 billion in penalties have been issued around the globe for the collusion.

Full content: International Business Times

EU: Volvo predicts big fines from EC trucking probe

Volvo has reportedly made a provision of $497 million after evaluating the European Commission’s findings of alleged anticompetitive conduct by the company as authorities continue their investigation into the trucking industry.

The company, which is the world’s second-largest truck-maker, noted that the provision will put a dent in fourth-quarter operating income; but Volvo added in its announcement that discussions with authorities are still at an early age and there are various factors at play that could impact how much Volvo could have to pay the Commission.

The EU is investigating several truck-makers for alleged bid-rigging and price-fixing among competing truck companies, say reports. The investigation is also looking at Volkswagen-owned MAN, Daimler and DAF Trucks.

Full content: Bloomberg

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