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US DOJ using info from Barclays, Citi, JPMorgan currency-rigging investigations

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US DOJ using info from Barclays, Citi, JPMorgan currency-rigging investigations

The U.S. Department of Justice is using information it obtained in its currency-rigging investigations of Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. to widen its investigation into foreign-currency market manipulation, Bloomberg News reported Dec. 12.

The news outlet cited court documents that indicate that information provided by the three banks point to a potential new antitrust conspiracy in the currency spot market involving different currencies than those already investigated by the Justice Department.

Representatives from all three banks, as well as the DOJ, declined to issue a statement on the matter to Bloomberg.

The three banks were among several that were fined a total of more than $2.5 billion over forex manipulation in May 2015. However, U.S. prosecutors are campaigning for these three banks' fines to be reduced by as much as almost 50% due to their cooperation in the currency-rigging investigation. That means a $650 million penalty for Barclays, down from the $1.2 billion penalty; $925 million, instead of the $1.4 billion payable under the guidelines, for Citi; and $550 million, rather than $846 million, for JPMorgan, according to the news article.