Five Big Banks Owe Billions For Currency Exchange Scandal
Five large banks have been fined over $5 billion after pleading guilty to crimes that relate to manipulating the foreign exchange market.By Evan Thomas | May 20, 2015
Five of the world's largest banks have been fined a total of more than $5 billion for manipulating the rate of worldwide currency exchanges.
JPMorgan, Barclays, Citigroup and the Royal Bank of Scotland will plead guilty to criminal charges in the U.S. UBS will plead guilty to rigging interest rates.
This is the latest move in an investigation that started in 2013 and has, so far, led to close to $10 billion in fines.