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US: DOJ wants to settle forex probes with simultaneous fines

By  |  November 23, 2014

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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