Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a com...
BRUSSELS - Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market.
The financial industry has been hit with billions of euros in fines worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions. “These cartel decisions send a clear message that the Commission will not tolerate collusive behavior in any sector of the financial markets,” European Competition Commissioner Margrethe Vestager said in a statement.
One cartel ran between December 2007 to January 2013, while the other operated from December 2009 to July 2012, it added.JPMorgan and RBS said they were pleased to have settled the cases and that they had made changes to their controls. JPMorgan said it related to the conduct of one former employee and RBS that it served as a reminder of how it had lost its way in the past.Barclays and Citigroup declined to comment.
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