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Banks To Pay $4.3 Billion in Forex Settlement

Global regulators order fines after 13-month probe into rigging of currency benchmarks.

By Suzi Ring, Liam Vaughan and Jesse Hamilton, Bloomberg | Updated on November 12, 2014

Regulators in the U.S., Britain and Switzerland ordered six banks to pay about $4.3 billion in the first wave of penalties since authorities began a global probe into the rigging of key foreign-exchange benchmarks last year.

The Office of Comptroller of the Currency fined Bank of America Corp. $250 million, while JPMorgan Chase & Co. and Citigroup Inc. will pay $350 million each, according to a statement. That adds to $3.3 billion of penalties announced earlier Wednesday by the U.S. Commodity Futures Trading Commission, Britain’s Financial Conduct Authority and the Swiss Financial Market Supervisory Authority.

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