A PYMNTS Company

UK: US seeking $1 billion from RBS and Barclays

By  |  March 15, 2015

Royal Bank of Scotland and Barclays are facing penalties of about $1bn each from US authorities for their alleged role in the manipulation of currency markets.

The US Justice Department is looking to fine four banks RBS, Barclays, Citigroup and JP Morgan Chase to settle accusations of criminal activity in the currency markets.

In total the US authorities are seeking penalties of about $4bn, with some banks being asked for more and some less than $1bn depending on their early cooperation with investigations, according to a report from Bloomberg.

However, final penalties could be lower as banks are pushing back harder than in some previous negotiations, the report added.

Prosecutors will be forcing Barclays, Citigroup, JPMorgan and the Royal Bank of Scotland to plead guilty as part of the settlement, people familiar with the matter told Bloomberg.

 

Full Content: Reuters

 

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.