Big banks hit with $2.5B fine


ASSOCIATED PRESS: Financial institutions are being fined for manipulating the global currency market, starting in 2007.

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ASSOCIATED PRESS: Financial institutions are being fined for manipulating the global currency market, starting in 2007.

JPMorgan Chase, Citigroup, Barclays and The Royal Bank of Scotland conspired with one another to fix rates on U.S. dollars and euros traded in the huge global market for currencies, according to a settlement announced Wednesday between the banks and U.S. Justice Department. Currency traders allegedly shared customer orders through chat rooms and used that information to profit ahead of their clients.

The criminal behavior took place between December 2007 and January 2013, according to the agreement.

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