Friday, 22 May 2015

Four banks in US fined five billion dollars ($5b)

A group of global banks will pay more than $5 billion U.S. in penalties and plead guilty to rigging the world’s currency market, the first time in more than two decades that major players in the financial industry have admitted to criminal wrongdoing.
 JPMorgan Chase, Citigroup, Barclays and The Royal Bank of Scotland conspired with one another to fix rates on U.S. dollars and euros traded in the huge global market for currencies, according to a resolution announced Wednesday between the banks and the U.S. Department of Justice

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