The Traderszone Network

Published in TZ Latest News 20 May, 2015 by The TZ Newswire Staff

Five global banks to pay $5.7 billion in fines over rate rigging

Five of the world’s largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined roughly $5.7 billion, and four of them pleaded guilty to U.S. criminal charges over manipulation of foreign exchange rates, authorities said on Wednesday. A fifth bank, UBS AG, will plead guilty to rigging benchmark interest rates, the U.S. Justice Department said. U.S. banks JPMorgan Chase and Citigroup will pay $550 million and $925 million in criminal fines, respectively, as part of their guilty pleas.