The total fines add up to nearly $6 billion for the manipulation of foreign currency rates for the benefit of traders. The biggest hit this week was to Barclays PLC (NYSE:BCS) (LON:BARC), with the bank getting a $2.5 billion fine in the probe. Barclays, along with three other banks (Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), and RBS) had pleaded guilty to criminal charges for forex manipulation with the market prices for US dollars and euros. UBS AG (NYSE:UBS), the bank that was granted immunity in the antitrust case, did also plead guilty to manipulating LIBOR.
Banks Hit With Record Fines For Forex Manipulation
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