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EU fines bank € 1bn for currency rigging



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PA

Five banks have been fined a total of € 1.07bn (£ 935m) by the European Commission for forming the illegal foreign exchange market.

Four banks in the "Banana Split" cartel ̵

1; Barclays, RBS, Citigroup and JP Morgan – were fined € 811m in all.

Another three banks in the "Essex Express" cartel – Barclays, RBS and MUFG – were fined € 258m

A sixth bank, UBS, was excused financial penalties for revealing the cartels' existence.

The European Commission said the market-rigging took place from 2007 to 2013.

Competition Commissioner Margrethe Vestager said the banks' behavior "undermined the integrity of the sector at the expense of the European economy and consumers".


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