{"id":5815,"date":"2015-05-20T00:00:00","date_gmt":"2015-05-20T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/05\/ubs_jp_morgan_citigroup_rbs_an"},"modified":"2015-05-20T00:00:00","modified_gmt":"2015-05-20T05:00:00","slug":"ubs-jp-morgan-citigroup-rbs-an","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-jp-morgan-citigroup-rbs-an\/","title":{"rendered":"UBS, J.P. Morgan, Citigroup, RBS, and Barclays to Pay $5.6B in Penalties Over Fx, Libor Investigations"},"content":{"rendered":"\n

Five global banks have consented to pay $5.6B in penalties to resolve claims related to a U.S. probe into whether traders at these institutions manipulated foreign-currency rates for their benefit. J.P. Morgan Chase & Co. (JPM<\/a>), Royal Bank of Scotland (RBS), UBS AG (UBS)<\/a>, Citigroup Inc. (C)<\/a>, and Barclays PLC (BARC) will also plead guilty to criminal charges that they conspired to rig prices of U.S. dollars and euros.<\/p>\n

According to officials involved with the Department of Justice investigation, which went on for 19 months, traders withheld offers or bids to avoid getting the rates going in directions that would hurt the open positions of other traders, with whom they were colluding. These traders, who were from the different banks, formed what they dubbed as \u201cThe Cartel.” They would meet in online chatrooms and communicate via coded language to coordinate efforts to manipulate rates. Hand signals also were reportedly used during calls with clients. Aside from the $5.6B in peanltlies, the firms are paying another $1.6 billion in fines to the U.S. Federal Reserve.<\/p>\n

Citibank is paying the biggest criminal fine of $925M plus a $342M penalty to the Fed. The bank was allegedly involved in currency manipulation from the end of 2007 through the beginning of 2013. Meantime, J.P. Morgan will pay the DOJ $550M and the Fed $342M. <\/p>\n

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

Five global banks have consented to pay $5.6B in penalties to resolve claims related to a U.S. probe into whether traders at these institutions manipulated foreign-currency rates for their benefit. J.P. Morgan Chase & Co. (JPM), Royal Bank of Scotland (RBS), UBS AG (UBS), Citigroup Inc. (C), and Barclays PLC (BARC) will also plead guilty […]<\/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":[3756,3820,3958,4027,4036,3755],"tags":[],"class_list":["post-5815","post","type-post","status-publish","format-standard","hentry","category-barclays-capital","category-citigroup","category-jp-morgan-chase","category-libor-scandal","category-royal-bank-of-scotland","category-ubs"],"yoast_head":"\nUBS, J.P. 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