Banks Get December Deadline to Come Clean on FX Rigging
The U.S. Justice Department has given banks about a month to come clean about wrongdoing as it moves closer to wrapping up an investigation into the rigging of currency benchmarks, a person familiar with the probe said.
The banks have met with officials in recent weeks to lay out how they see their liability, said the person, who asked not to be identified because the discussions are confidential. Prosecutors have demanded a full accounting of any misconduct by mid-December, the person said.
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Investigations by authorities on three continents are proceeding after six banks, including Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and UBS AG (UBSN), agreed to pay $4.3 billion to regulators in Europe and the U.S. Nov. 12 to settle claims that traders colluded with counterparts at other firms in an attempt to manipulate currency rates.