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6 banks fined almost US$6b in forex probe settlement

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The five banks are to pay fines of a total of US$5.7 billion for manipulating the foreign exchange market, on May 20, 2015. JPMorgan, Citigroup, Barclays and the Royal Bank of Scotland agreed to plead guilty to US criminal charges. UBS plead guilty to rigging benchmark interest rates.

New York

FOUR major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and six banks were fined a total of nearly US$6 billion in a settlement that substantially ends a global probe into misconduct in the US$5-trillion-a-day market.

In total,