Legal News

Five Major Banks Hit With a $5 Billion Fine and Felony Charges
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Loretta Lynch

Summary: The Department of Justice slams five major banks with the largest antitrust violations fines for rigging the US dollar to euro exchange rate.

The Department of Justice has reached an agreement with Citicorp, JPMorgan Chase & Co., Barclays PLC, the Royal Bank of Scotland PLC, and UBS A.G. over allegations of rigging the U.S. dollar to euro exchange rate. The five major banks will plead guilty to felony charges and pay over $5 billion combined.

  
What
Where


UBS A.G. will plead guilty to a one-count charge of wire fraud for manipulating the London Interbank Offered Rate, as well as other benchmark interest rates. UBS is required to pay $203 million in criminal penalties for breaking its December 2012 nonprosecution agreement from the rate probe. The other four banks will plead guilty to a one-count felony charge of conspiring to rig bids and fix prices. Barclays will pay an additional $60 million penalty for violating their June 2012 nonprosecution agreement for its foreign currency exchange practices.

U.S. Attorney General Loretta Lynch called the banks acts as “brazenly illegal”. She promised to strongly prosecute those that aim to take advantage of the American consumers. The Department of Justice will be making the banks pay a combined $2.5 billion for antitrust violations with Citicorp paying $925 million of that charge. Their fine is the largest ever for a single violation of the Sherman Act. The banks will be assessed fines from other sources such as The Commodity Futures Trading Commission, the United Kingdom’s Financial Conduct Authority, and the Federal Reserve.

The banks will also have to seek waivers from the U.S. Securities and Exchange Commission and other regulators to be allowed to manage pensions, issue securities, and other things as felons.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Source: http://www.nationallawjournal.com/id=1202726965996/DOJ-Cites-Breathtaking-Flagrancy-in-Charges-Against-Five-Banks

Photo: bass.house.gov





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Corporate Attorney

USA-CA-Menlo Park

Menlo Park office of sophisticated boutique firm is seeking a corporate attorney with experience in ...

Apply Now

Mid-level Computer Science Patent Attorney

USA-CA-San Francisco

San Francisco office of our client seeks mid-level patent attorney with 3-5 years of intellectual pr...

Apply Now

RELEVANT JOBS

Associate Attorney

USA-OK-Oklahoma City

Hobbs Straus Dean & Walker, LLP, a national law firm with offices in Washington D.C., Portland, Okla...

Apply now

Oil and Gas Attorney – Houston or The Woodlands

USA-TX-Houston

Position requirements: JD with a strong academic record Must be licensed to practice law in th...

Apply now

PARALEGAL

USA-AZ-Tucson

Paralegal preferably with experience in Workers\' Compensation and other Civil Litigation.  Job...

Apply now

Litigation Secretary

USA-CA-Los Angeles

$25 - $30 an hour Part-time Downtown Los Angeles law firm with offices in San Diego and West P...

Apply now

SEARCH IN ARCHIVE

To Top