Citigroup may plead guilty in forex rigging case | Fin24
  • Credit Rating

    'I think Moody's will be happy' - President Ramaphosa says plan to deal with Eskom's debt is imminent.

  • 'No Basis in Fact'

    The PIC commission has slammed Iqbal Survé’s claims about Minister Pravin Gordhan.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.


Citigroup may plead guilty in forex rigging case

May 12 2015 17:30

(Shutterstock) (Shutterstock)

Related Articles

UK bans first trader over Libor rigging


New York - US banking giant Citigroup said on Monday it could plead guilty to an antitrust violation as part of a settlement of charges it helped rig the massive foreign exchange market.

Citigroup said it is in "active" discussions to settle the forex probe and that "a resolution with the Department of Justice could include a guilty plea on an antitrust charge," in a filing with the Securities and Exchange Commission.

A settlement in the forex rigging case between five banks, including Citigroup, and US and British regulators could be announced as soon as Wednesday, according to people familiar with the matter.

The size of the fine was expected to range by institution, with some banks paying hundreds of millions of dollars and the most egregious violators paying more than $1bn.

Citigroup's penalties are expected to be among the biggest in the group, these people said.

The sprawling forex probe has ensnared most large banks and centred on accusations traders conspired through instant messages and online chats to manipulate the market in ways that cheated clients and bolstered their own profits.

Besides New York-based Citigroup, the other banks settling would be US bank JPMorgan Chase, British banks Barclays and Royal Bank of Scotland, and Swiss bank UBS.

Citigroup also said in the SEC filing it had been told by the US Justice Department that prosecutors do not intend to bring criminal charges against the bank in a parallel probe of a multi-bank conspiracy to rig London InterBank Offered Rate (Libor) interest rates, the reference for about $360trn in transactions around the world.



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot


Struggling power utility Eskom will take centre stage at this year's mini budget

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote