|
 The figure is a starting point in settlement discussions, with some
banks being asked for more and some less, Bloomberg said.
(http://bloom.bg/1EIa6Mi)
One bank that has cooperated from the beginning is expected to pay
far less and penalties of about $4 billion are on the table,
Bloomberg reported, adding that the number could change markedly.
With banks pushing back harder than in some previous negotiations,
including those for mortgage-backed securities, the final penalties
could be lower, Bloomberg said.
The discussions, which have begun in earnest in recent weeks, could
lead to settlements that would resolve U.S. accusations of criminal
activity in the currency markets against Barclays Plc, Citigroup
Inc, JP Morgan Chase & Co, Royal Bank of Scotland Group Plc and UBS
Group AG, Bloomberg said.
Prosecutors are also pressing Barclays, Citi, JPMorgan Chase and the
Royal Bank of Scotland, to plead guilty, Bloomberg reported.
Last year, regulators fined six major banks, including HSBC Holdings
Plc, JPMorgan Chase and Bank of America Corp, a total of $4.3
billion for failing to stop traders from trying to manipulate the
foreign exchange market.
[to top of second column] |
UBS, the first bank to notify U.S. authorities of possible
misconduct, has been granted immunity from prosecution for antitrust
violations, Bloomberg reported.
Barclays, JP Morgan Chase and UBS declined to comment. Citi and
Royal Bank of Scotland could not be immediately reached for comment.
(Reporting by Neha Dimri in Bengaluru; Editing by Simon Jennings)
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