HSBC Holdings on Thursday, January 18, agreed to pay US$101.5 million to settle a US criminal probe into the rigging of currency transactions, which has already led the conviction of one of its former bankers.
The payment includes a US$63.1 million fine plus US$38.4 million in restitution to a corporate client, according to a deferred prosecution agreement filed on Thursday with the US District Court in Brooklyn, New York.
In the settlement with the US Department of Justice, HSBC also agreed to bolster its internal controls, and admitted and accepted responsibility for wrongdoing underlying two criminal wire fraud charges filed on Thursday against the bank, according to the agreement.
Deferred prosecution agreements let companies avoid criminal charges so long as they comply with the terms.
Thursday’s sanctions came a month after HSBC was freed from a five-year deferred prosecution agreement over its alleged dealings with Mexican drug cartels and other money launderers, and conducting of transactions for customers in countries barred by US sanctions. It was fined US$1.92 billion in that case.
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 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