Five global banks to plead guilty, pay $5.7 billion on rate rigging

May 20, 2015 2:08 PM

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Five global banks to plead guilty, pay $5.7 billion on rate rigging

NEW YORK/WASHINGTON Authorities fined five of the world's largest banks, including JPMorgan Chase & Co and Citigroup inc, roughly $5.7 billion, and four of them agreed to plead guilty to U.S. criminal charges over manipulation of foreign exchange rates, the U.S. Department of Justice said on Wednesday.

The fifth bank, UBS AG, will plead guilty to rigging benchmark interest rates, the Justice Department said.

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