Federal Reserve needs more time in FX investigations

Stopwatch

The Federal Reserve have asked some currency traders under investigation for foreign-exchange manipulation to waive the deadline for civil actions against them, according to two people with knowledge of the situation.

Bloomberg News reports that the Fed sent the requests, known as tolling agreements, to at least two individuals in recent months, said the people, who asked not to be identified because the letters are private.

The agreements would suspend the statute of limitations, usually five or ten years depending on the relevant law, which isn’t clear as no accusations have been made yet.

The move indicates the Fed - which is also in settlement talks with some banks in the matter - is weighing civil action against individuals. The U.S. Department of Justice is planning to file criminal charges against individuals in its currency-rigging probe next year, people with knowledge of the matter have said.

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