The Justice Department plans to try and force four major banks to plead guilty to criminal antitrust charges for alleged collusion by traders in foreign-currency markets. The Wall Street Journal reported on Tuesday.
In the final stages of a long-running investigation into corruption in the world’s largest financial market, federal prosecutors have recently informed Barclays, JPMorgan Chase, the Royal Bank of Scotland and Citigroup that they must enter guilty pleas to settle the cases, according to lawyers briefed on the matter.
The currency investigation began in earnest two years ago with the suspicion that traders across Wall Street manipulated the foreign exchange market, pushing prices up and down to suit their own holdings.
In November, six banks sought to close the first chapter of the case, agreeing to pay a combined $4.25 billion to settle with financial regulators in Washington and Britain. The settlement, which included JPMorgan Chase, Citigroup, the Royal Bank of Scotland, UBS and HSBC, exposed the way banks colluded to manipulate currencies through emails and online chat rooms.
Now that the Justice Department has opened settlement talks in the case, demanding guilty pleas for antitrust and fraud charges,
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
UK Competition Watchdog to Investigate Carlsberg’s £3.3bn Takeover of Britvic
Sep 11, 2024 by
CPI
News Corp Faced Millions in Losses by Moving Away from Google Ads, Ex-Executive Testifies
Sep 10, 2024 by
CPI
EU Faces Critical Innovation Gap, Draghi Report Urges Antitrust Reforms
Sep 10, 2024 by
CPI
Womble Bond Dickinson and Lewis Roca to Merge, Forming 1,300-Lawyer Firm
Sep 10, 2024 by
CPI
Federal Judge Dismisses Antitrust Lawsuit Against Fidelity and Schwab
Sep 10, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
CPI
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
CPI
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
CPI
The Cost of Making COFECE Disappear
Sep 3, 2024 by
CPI