CitiCorp, JP Morgan Chase & Co., Barclays PLC and the Royal Bank of Scotland PLC have agreed to plead guilty to felony anti-trust violations for their role in a currency manipulation scandal, says U.S. Attorney General Loretta Lynch. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) U.S. Attorney General Loretta Lynch announced resolutions for banks in connection with exchange rate manipulation at a news conference in Washington on Wednesday (May 20). "As a result of our investigation four of the world's largest banks have agreed to plead guilty to felony anti-trust violations. They are CitiCorp, JP Morgan Chase & Co., Barclays PLC and the Royal Bank of Scotland PLC," Lynch said. "They've also agreed to pay criminal fines totaling more than $2.5 billion -- the largest set of anti-trust fines ever obtained in the history of the Department of Justice." UBS will pay $545 million to U.S. authorities to end an investigation into alleged manipulation of currency rates, a settlement that will help the Swiss bank to move on after a series of trading scandals. Zurich-based UBS said on Wednesday the U.S. Federal Reserve had fined it $342 million for its role in the forex scandal. UBS has not been charged because it was the first bank to report the misconduct to the U.S. Department of Justice (DOJ UBS also escaped any fine from the DOJ on the forex issues and said the DOJ would not prosecute it over investigations into its precious metals business.