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Four Banks Agree to Plead Guilty to Currency Manipulation Conspiracy
Four major banks have agreed to pay more than $2.3 billion in criminal fines for their roles in a currency-manipulation scheme, the Department of Justice (DOJ) announced on May 20. As part of the deal, each bank will plead guilty to one felony count of conspiring to manipulate the price of U.S. dollars and Euros. Citicorp, which allegedly engaged in the conspiracy from December 2007 until at least January 2013, will pay $925 million, the largest fine. Three other banks ' Barclays, JPMorgan Chase, and the Royal Bank of Scotland (RBS) ' agreed to pay $650 million, $550 million, and $395 million, respectively, amounts reflecting their levels of alleged involvement in the currency-manipulation scheme. Barclays also agreed to an additional $60 million fine for violating a 2012 non-prosecution agreement (NPA) related to manipulation of the London Interbank Offered Rate (LIBOR).
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