Feds seek $1 billion fines from banks
The federal government wants certain global banks to pay roughly $1 billion apiece as part of its investigation into currency market manipulation, Bloomberg reported Friday.
{mosads}The Justice Department has started a criminal investigation go Barclays, Citigroup, JPMorgan Chase, the Royal Bank of Scotland and UBS for currency manipulation.
According to Bloomberg, the $1 billion settlement figure is an opening bid, with penalties of up to $4 billion still possible.
A bank that has been more cooperative is expected to pay far less, Bloomberg added, though it also reported that banks were proving to be tougher negotiators in these talks.
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