Five major banks to be charged for currency rigging

Five major banks to be charged for currency rigging

The incidents of currency rigging are increasing in the United States day by day.  The Department of Justice has found five banks guilty of the same charges. The number has increased by one when the incident was reported last time. The sources close to the situation have confirmed this development. The UBS Group AG, a Zurich based bank is the unexpected fifth name in the list. The matter has not been made public yet.  The other four names in the list are Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Barclays Plc and Citigroup Inc.

The involvement of such big players in banking is definitely a serious issue for the banking sectors. The government plans to sue these bankers for antitrust charges, according to the sources close to the development.  The Justice Department’s antitrust division has been very active recently during the Time Warner and Comcast issue. The same division charged the UBS bank, after it investigated foreign-exchange rate manipulation by the traders.

The UBS became the first bank to be sued for being a fraud. The American arms of the Citigroup and JP Morgan chase has expected to pay the fine of $1 billion after the Justice Departments announces the settlements. The Citigroup will pay highest penalty ever in its history.  The market manipulation was carried out through multibank chat rooms and orders along with work co ordinations were discussed by the traders. The traders from Citigroup, JPMorgan, UBS and Barclays discussed rates on the common chartroom known as the Cartel.

 

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