{"id":5712,"date":"2014-11-04T00:00:00","date_gmt":"2014-11-04T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/11\/doj_launches_criminal_probe_in"},"modified":"2022-05-06T12:00:29","modified_gmt":"2022-05-06T17:00:29","slug":"doj-launches-criminal-probe-in","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/doj-launches-criminal-probe-in\/","title":{"rendered":"DOJ Launches Criminal Probe Into JPMorgan, Citigroup Foreign Exchange Business"},"content":{"rendered":"\n

The U.S. Department of Justice has begun a criminal probe into the foreign exchange businesses of JPMorgan Chase (JPM) <\/a>and Citigroup (C)<\/a>. The investigations come in the wake of allegations that banks in the United States and abroad manipulated key reference rates in the foreign exchange currency markets. <\/p>\n

On Monday, JPMorgan disclosed the criminal investigation in a regulatory filing. Noting that other regulators, including the U.S. Commodity Futures Trading Commission and UK\u2019s Financial Conduct Authority are conducting civil probes, the firm estimated that current legal proceedings could reach $5.9 billion.<\/p>\n

Last week, Citigroup announced that it too was facing a criminal probe over foreign currency trades and controls. The bank is also dealing with inquiries from regulators. Citigroup said it has put aside $600 million in legal provisions over what had been budgeted for the third quarter. <\/p>\n

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

The U.S. Department of Justice has begun a criminal probe into the foreign exchange businesses of JPMorgan Chase (JPM) and Citigroup (C). The investigations come in the wake of allegations that banks in the United States and abroad manipulated key reference rates in the foreign exchange currency markets. On Monday, JPMorgan disclosed the criminal investigation […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3820,3752,3958],"tags":[],"class_list":["post-5712","post","type-post","status-publish","format-standard","hentry","category-citigroup","category-financial-firms","category-jp-morgan-chase"],"yoast_head":"\nDOJ Launches Criminal Probe Into JPMorgan, Citigroup Foreign Exchange Business — Investor Lawyers Blog — November 4, 2014<\/title>\n<meta name=\"description\" content=\"The U.S. Department of Justice has begun a criminal probe into the foreign exchange businesses of JPMorgan Chase (JPM) and Citigroup (C). 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