Attorney General Loretta Lynch will announce resolutions on Wednesday. The fines are rolling in for Wall Street in connection with the LIBOR currency market and interest rate rigging scandal. Citicorp, JPMorgan, Barclays, and RBS are pleading guilty to charges tied to forex manipulation, while UBS is pleading guilty to interest-rate manipulation charges.

The London Interbank Offered Rate is a benchmark interest rate used around the world and calculated based on the interest rates set by all the major banks in London.

According to the Justice Department, a handful of those banks rigged the rate by colluding and sharing information on what rates they would each set. Attorney General Loretta E.

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It is commensurate with the pervasive harm done. And it should deter competitors in the future from chasing profits without regard to fairness, to the law, or to the public welfare.

I commend the special agents, forensic accountants, and analysts, as well as the prosecutors for the significant time and resources they committed to investigating this case.

European Central Bank fix and the 4: As detailed in the plea agreements, these traders also used their exclusive electronic chats to manipulate the euro-dollar exchange rate in other ways. Citicorp, Barclays, JPMorgan and RBS each have agreed to plead guilty to a one-count felony charge of conspiring to fix prices and rig bids for U. Each bank has agreed to pay a criminal fine proportional to its involvement in the conspiracy:. The department has declared UBS in breach of the agreement, and UBS has agreed to plead guilty to a one-count felony charge of wire fraud in connection with a scheme to manipulate LIBOR and other benchmark interest rates.

Forex trading probes

UBS traders and sales staff misrepresented to customers on certain transactions that markups were not being added, when in fact they were. On other occasions, UBS traders and sales staff used hand signals to conceal those markups from customers. In addition, according best investment plan for new born baby in india court documents, a UBS FX trader conspired with other banks acting as dealers in the FX spot market by agreeing to restrain competition in the purchase and sale of dollars and euros.

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UBS participated in this collusive conduct from October to at least January Citicorp, Barclays, JPMorgan, RBS and UBS have each agreed to a forex fixing fines period of corporate probation, which, if approved by the court, binary option cash back be overseen by the court and require regular reporting to authorities as well as cessation of all criminal activity.

Citicorp, Barclays, JPMorgan and RBS have agreed to send disclosure notices to all of their customers and counter-parties that may have been affected by the sales and trading practices described in the plea agreements.

The Justice Department appreciates the substantial assistance provided by the CFTC, OCC, FINMA, FCA, DFS, Securities and Exchange Commission, Federal Reserve Board, and the U. Get the latest Bank of America stock price here.

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Trending Tech Insider Finance Politics Strategy Life Sports Video All. You have successfully emailed the post. May 20,9: Five of them have pleaded guilty to criminal charges. They have each agreed to a three-year corporate probation period.

NYSE Trader Explains How Dow Theory Works. Wall Street LIBOR LIBOR-gate Justice Department Department of Justice Barclays JP Morgan UBS RBS Royal Bank Of Scotland Scandal Citigroup JPMorgan Bank of America.

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