Attorney General Lynch Announces Five Major Banks Agree to Parent-Level Guilty Pleas

May 20, 2015

Attorney General Lynch Announces Five Major Banks Agree to Parent-Level Guilty Pleas

Five major banks – Citicorp, JPMorgan Chase & Co., Barclays PLC, The Royal Bank of Scotland plc and UBS AG – have agreed to plead guilty to felony charges.   Citicorp, JPMorgan Chase & Co., Barclays PLC, and The Royal Bank of Scotland plc have agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market and the banks have agreed to pay criminal fines totaling more than $2.5 billion.  A fifth bank, UBS AG, has agreed to plead guilty to manipulating the London Interbank Offered Rate (LIBOR) and other benchmark interest rates and pay a $203 million criminal penalty, after breaching its December 2012 non-prosecution agreement resolving the LIBOR investigation.

Press Release: Five Major Banks Agree to Parent-Level Guilty Pleas

Attorney General Lynch's Statement: Attorney General Lynch Delivers Remarks at a Press Conference on Foreign Exchange Spot Market Manipulation

Assistant Attorney General Bill Baer's Statement: Assistant Attorney General Bill Baer Delivers Remarks at a Press Conference on Foreign Exchange Spot Market Manipulation

Assistant Attorney General Leslie R. Caldwell's Statement: Assistant Attorney General Leslie R. Caldwell Delivers Remarks at a Press Conference on Foreign Exchange Spot Market Manipulation

Updated May 20, 2015