After huge settlements, banks face higher-stake phase of forex probes
US Justice Department may bring its first criminal charges against banks early next year: sources
New York
THE US$4.3 billion in civil settlements struck between six global banks and US and UK authorities over foreign-exchange market manipulation have set the stage for negotiations over related ongoing probes that could bear much more severe consequences.
Citigroup, UBS, HSBC, Royal Bank of Scotland, JPMorgan Chase & Co and Bank of America agreed to make the payment to settle civil claims they failed to stop traders from trying to rig the foreign-exchange market.
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