Banks have one month to come clean about currency rigging

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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.

Bloomberg News reports that 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.

U.S. Attorney General Eric Holder said yesterday the department will finish the currency-trading investigation “relatively soon” and is moving toward civil and criminal resolutions.

The Justice Department is likely to bring cases against banks early next year, followed by charges against individuals, the person said. Prosecutors had been pushing to bring a case against at least one bank before the end of the year.

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