Citigroup, Inc., announced that it may plead guilty to antitrust charges in an investigation led by the U.S. Department of Justice. The investigation relates to Citigroup's allegedly unlawful conduct with regard to foreign exchange (forex) markets.
Citigroup made the announcement on Monday in a regulatory filing. In its filing, the company further stated that the Justice Department has informed them that it has no plans to prosecute Citigroup regarding an additional investigation into interest rate setting violations in its transactions between banks.
Other Banks Targeted in Investigation, Too
Citigroup is not the only bank targeted in forex investigations. A total of six banks have been subjected to the scrutiny of global banking regulators during the last year, and the U.S. Department of Justice has also joined in on the investigation. Allegedly, the banks have been manipulating foreign exchange rates in the forex markets, where $5 trillion worth of transactions are carried out daily.
Allegedly, the banks were sharing secret information regarding their clients' orders and secretly planning trades for their own profits from 2008 through late 2013.
According to Bloomberg, the U.S. Department of Justice is pressuring Citigroup's main headquarters to plead guilty in the criminal investigation. However, Citigroup has been trying to get the Department of Justice to accept a guilty plea from one of its smaller and less important subsidiaries. According to Bloomberg, the fines related to the allegations will probably not be more than $1 billion. The allegations have not inspired Citigroup to alter its potential unreserved litigation costs estimate, which was set at $4 billion at the end of 2014.
Investment Fraud Is Big Business: Fight Back!
Big banks, brokerage firms, insurance companies and financial institutions are constantly breaking the law in order to take advantage of their customers and make more money for themselves in violation of numerous state and federal laws. Individuals who have been defrauded or misled by their banks and brokerage firms in this fashion can fight back. If you feel that you have been wronged by your stockbroker, brokerage firm or bank, you may have the right to pursue a claim for justice and restitution regarding your financial fraud losses.
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