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Five Major Banks Agree to Parent-Level Guilty Pleas

Jaclyn Jaeger | May 29, 2015

Five major banks—Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland, and UBS—last week agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market. The banks also agreed to pay criminal fines totaling more than $2.5 billion, bringing the amount of overall global fines for their conduct in the FX spot market to nearly $9 billion. 

UBS has agreed to plead guilty to manipulating the London Interbank Offered Rate (LIBOR) and other benchmark interest rates and pay a $203 million criminal penalty, after breaching its December 2012 non-prosecution agreement (NPA) resolving the LIBOR investigation.

These latest resolutions “serve as a stark reminder that this Department of Justice intends to vigorously prosecute all those who tilt the economic system in their favor; who subvert our...

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