A fifth bank, UBS AG, will plead guilty to rigging benchmark interest rates, the U.S. Justice Department said.
U.S. banks JPMorgan Chase and Citigroup will pay $550 million and $925 million in criminal fines, respectively, as part of their guilty pleas.
British banks Barclays Plc will pay $650 million in criminal penalties and Royal Bank of Scotland Plc $395 million. Each will plead guilty to one felony count of conspiring to fix prices and rig bids for U.S. dollars and euros in the foreign exchange spot market.
Euro dollar traders at four of the banks described themselves as members of “The Cartel” and used an electronic chat room and coded language to manipulate exchange rates to increase profits, the Justice Department said.
Five banks get slammed with $5.7 billion in fines for LIBOR rigging
May 20, 2015 by Leave a Comment