The US Department of Justice receives five parent-level guilty pleas for conspiring to manipulate foreign-currency markets from financial institutions (Citicorp / JPMorgan Chase / Barclays / RBS / UBS)

World’s top banks plead guilty to gaming foreign-currency markets* Scandal roiled the banking industry Wednesday as four of the world’s largest banks — Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland — pleaded guilty to federal antitrust violations for conspiring to manipulate foreign-currency markets over the course of several years. The scheme involved collusion by traders at the various banks to fix the U.S. dollar – euro exchange rate by coordinating trades and agreeing not to buy or sell at certain times to protect one another’s trading positions. The guilty pleas place the

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  • Porter, Wright, Morris & Arthur (Columbus)

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Jared Klaus, The US Department of Justice receives five parent-level guilty pleas for conspiring to manipulate foreign-currency markets from financial institutions (Citicorp / JPMorgan Chase / Barclays / RBS / UBS), 20 May 2015, e-Competitions Bulletin Financial services, Art. N° 73547

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