U.S. Is Seeking Billions From Global Banks in Currency Manipulation Settlement
A combo of Chinese currency RMB or Yuan, US Dollar, Hong Kong Dollar and other currencies notes is seen outside a foreign exchange shop in Hong Kong on March 12, 2015.
Photographer: Jason Li/EyePress/Sipa via AP ImagesThis article is for subscribers only.
The U.S. Justice Department is seeking about $1 billion each from global banks being investigated for manipulation of currency markets, according to two people familiar with the talks.
The figure is a starting point in settlement discussions, with some banks being asked for more and some less than $1 billion. One bank that has cooperated from the beginning is expected to pay far less, one of the people said. Penalties of about $4 billion are on the table, according to one of the people, though the number could change markedly.