Banks plead guilty to manipulating foreign exchange market

(May 29, 2015) -- Four major international banks—Citicorp, JPMorgan Chase, Barclays and The Royal Bank of Scotland—recently agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros on the foreign currency exchange spot market and to pay criminal fines topping $2.5 billion. (A fifth bank, UBS, was granted conditional immunity for serving as a cooperating witness in this case but pleaded guilty for manipulating the London Interbank Offered Rate—Libor. See related story in issue.)...

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