{"id":5708,"date":"2014-11-12T00:00:00","date_gmt":"2014-11-12T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/11\/citibank_jpmorgan_among_firms"},"modified":"2022-03-18T15:41:20","modified_gmt":"2022-03-18T20:41:20","slug":"citibank-jpmorgan-among-firms","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/citibank-jpmorgan-among-firms\/","title":{"rendered":"Citibank, JPMorgan Among Firms to Pay $4.3B For Currency Rigging Penalties"},"content":{"rendered":"

Royal Bank of Scotland Group Plc (RBS), UBS AG (UBS)<\/a>, (HSBC), Bank of America Corp (BAC)<\/a>, HSBC Holdings Plc, JPMorgan Chase & Co. (JPM)<\/a>, and Citigroup Inc. (C) <\/a>will pay $4.3 billion in penalties to regulators in the United States and Europe for failing to stop traders from attempting to manipulate the foreign exchange market. Further penalties could also result not just for the banks but also for certain individuals in the wake of litigation accusing bank dealers of colluding amongst themselves to rig benchmarks that are used in determining foreign currency.<\/p>\n

According to authorities, the dealers exchange confidential data regarding client orders and worked it out so their trades would enhance profits. This information was purportedly exchanged in online chat rooms. Regulators say the misconduct occurred from 2008 through October 2013. The probe has also widened to look into whether traders used confidential information to take bets on unauthorized personal accounts and if clients were charged excessive commissions by sales desks.<\/p>\n

The currency rigging probe has led to the firing or suspension of over 30 traders while the number of automated trade transactions have increased. In the U.S. the Federal Reserve, the Justice Department, and New York\u2019s financial regulator continue to investigate banks over foreign exchange trading. Meantime, some lawyers have spoke out about how the settlement doesn\u2019t address client compensation.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Royal Bank of Scotland Group Plc (RBS), UBS AG (UBS), (HSBC), Bank of America Corp (BAC), HSBC Holdings Plc, JPMorgan Chase & Co. (JPM), and Citigroup Inc. (C) will pay $4.3 billion in penalties to regulators in the United States and Europe for failing to stop traders from attempting to manipulate the foreign exchange market. 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