4 big banks may face revocation of years-old settlements

Freemium: Money on keyboard

U.S. prosecutors investigating currency manipulation are considering revoking years-old settlements and prosecuting banks for rigging interest rates, according to people familiar with the matter.

Bloomberg News reports that the Justice Department is weighing whether evidence of wrongdoing in currency trading means banks violated old deals resolving probes into the rigging of benchmark interest rates, said two people, who asked not to be identified because final decisions haven’t been made.

Barclays, Royal Bank of Scotland and UBS, which are operating under such agreements from the interest-rate case, are among banks being investigated in the currency case. The Justice Department is separately scrutinizing whether HSBC’s currency-trading practices violated a 2012 agreement settling a money-laundering probe, another person familiar with the matter said.

To access the complete Bloomberg News article hit the link below:

U.S. May Revoke Settlement Agreements in Currency-Rigging Probes

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