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EU Fines 5 Banks €1.07B For Rigging FX Trades

Law360, London (May 16, 2019, 11:38 AM BST) -- Five major banks including Royal Bank of Scotland and Barclays have been fined more than €1 billion ($1.2 billion) for allegedly colluding in the trade of large sums in foreign-exchange markets, the European Commission announced Thursday.

The behavior of the five banks "undermined the integrity of the sector," Commissioner Margrethe Vestager said as the EU body handed down fines of more than €1 billion ($1.2 billion). (AP) In the first of two settlement decisions, the EU’s antitrust regulator fined Barclays PLC, The Royal Bank of Scotland Group PLC, Citigroup Inc. and JPMorgan Chase & Co. a total of €811 million for collaborating...

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