DOJ to announce currency manipulation settlement

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The Department of Justice will announce a currency manipulation settlement with some major international banks as early as Wednesday, with certain bank holding companies expected to plead guilty to rigging foreign exchange markets.

The institutions may pay billions of dollars in combined settlement fees, though the exact total has yet to be determined.

Banks settling with the Justice Department include Barclays , JPMorgan Chase , Citigroup and the Royal Bank of Scotland , The New York Times reported on Wednesday, citing sources.

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In the report, the newspaper said the Justice Department was also working to resolve accusations of currency misconduct at UBS.

CORRECTION: The Department of Justice is expected to announce a bank currency settlement on Wed., May 20. The date was misstated in an earlier version of this article.

- CNBC's Kate Kelly contributed to this report.

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