{"id":5743,"date":"2015-02-10T00:00:00","date_gmt":"2015-02-10T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/02\/us_department_of_justice_wants"},"modified":"2022-05-06T12:15:18","modified_gmt":"2022-05-06T17:15:18","slug":"us-department-of-justice-wants","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/us-department-of-justice-wants\/","title":{"rendered":"U.S. Department of Justice Wants Citigroup, Barclays, JPMorgan Chase, and Royal Bank of Scotland to Plead Guilty to Criminal Charges In Currency Antitrust Investigation"},"content":{"rendered":"\n

According to The Wall Street Journal<\/em>, the Justice Department is going to try to make four big banks plead guilty to criminal anti-trust charges related to its traders\u2019 alleged collusion in foreign-currency markets. The financial institutions are Citigroup Inc. (C)<\/a>, Barclays PLC (BARC), Royal Bank of Scotland (RBS), and J.P. Morgan Chase & CO. (JPM)<\/a>. Meantime, separate criminal fraud cases are being pursued against the individuals whose involvements are suspected. <\/p>\n

The DOJ\u2019s probe is examining whether bank employees manipulated foreign-currency exchange rates to their benefit, and in certain cases, hurting customers. In a separate investigation, New York\u2019s Department of Financial Services is looking at whether some of the biggest banks used computer programs to manipulate foreign exchange rates. The department installed monitors at Deutsche Bank AG (DB) and Barclays in 2014 and has sent subpoenas to Goldman Sachs (GS), Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, and BNP Paribas about the way they use these types of programs. The subpoenas were sent not because there was necessarily evidence of wrongdoing but because the banks are actively involved in these markets. <\/p>\n

As we mentioned in a recent blog post<\/a>, JPMorgan has just agreed to pay $99.5 million to settle its portion of a currency rigging case. In that litigation, institutional investors are accusing 12 banks of rigging prices in the foreign exchange market. By settling the financial instruction is not denying or admitting to wrongdoing.<\/p>\n

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

According to The Wall Street Journal, the Justice Department is going to try to make four big banks plead guilty to criminal anti-trust charges related to its traders\u2019 alleged collusion in foreign-currency markets. The financial institutions are Citigroup Inc. (C), Barclays PLC (BARC), Royal Bank of Scotland (RBS), and J.P. Morgan Chase & CO. (JPM). 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