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EU fines five banks €1.1bn for foreign currency rigging

TOKYO: Royal Bank of Scotland and Barclays are among five banks that have been fined more than €1 billion for taking part in a cartel to manipulate the foreign exchange market for 11 currencies. The other banks hit with fines by the European Commission were America’s Citi and JP Morgan, and MUFG of Japan. Citigroup received the biggest fine at €311 million, followed by RBS at €249 million. JP Morgan had a penalty of €229 million, Barclays €210 million and MUFG €70 million. The banks could now face substantial legal claims from pension funds and others who had invested in products affected by the manipulation of rates which included the dollar, euro and pound, lawyers warned. News Desk



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