Banks may have to pay $1bn each to US Justice Department

A Billion Dollars

The U.S. Justice Department is seeking about $1bn each from global banks being investigated for manipulation of currency markets, according to two people familiar with the talks.

Bloomberg News reports that the figure is a starting point in settlement discussions, with some banks being asked for more and some less than $1bn.

One bank that has cooperated from the beginning is expected to pay far less, one of the people said. Penalties of about $4bn are on the table, according to one of the people, though the number could change markedly.

Banks are pushing back harder than in some previous negotiations, including those for mortgage-backed securities, and the final penalties could be lower, people close to the talks said.

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

U.S. Is Seeking Billions From Global Banks in Currency Manipulation Settlement

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