$5.6B Forex Fines Aren't The End Of Rate-Rigging Fallout
Law360, New York (May 20, 2015, 8:16 PM EDT) -- The more than $5.6 billion in fines and guilty pleas U.S. and U.K. authorities announced Wednesday as five of the world's largest banks admitted to manipulating foreign exchange rates are massive, but there's still plenty more to the rate-fixing allegations that could yield additional fines, civil settlements and guilty pleas.
While the private plaintiffs suing over forex manipulation have now racked up more than $808 million in settlements, including $394 million from Citigroup Inc. on Wednesday, that covers just four of the 12 banks named in the suit.
At the same time, government officials emphasized that neither this investigation nor their...
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