US pushing for banks to admit forex manipulation
Justice Department has told Barclays, JPMorgan Chase, RBS, Citigroup that they must plead guilty to settle criminal charges, say lawyers
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THE Justice Department is pushing some of the biggest banks on Wall Street - including, for the first time in decades, US institutions - to plead guilty to criminal charges that they manipulated the prices of foreign currencies.
In the final stages of a long-running investigation into corruption in the world's largest financial market, federal prosecutors have recently informed Barclays, JPMorgan Chase, the Royal Bank of Scotland and Citigroup that they must enter guilty pleas to settle the cases, according to lawyers briefed on the matter. The pleas would be likely to carry a symbolic stigma, if limited practical fallout, in handing felony convictions to some of the world's biggest banks.
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