We’re finally about to find out which banks will pay fines — and how much — in connection to the 2008 LIBOR currency market and interest rate rigging scandal.
JP Morgan, Citigroup, Barclays, and Royal Bank of Scotland, are expected to get hit with criminal charges from the Department of Justice, related to forex manipulation.
The London Interbank Offered Rate is a benchmark interest rate used around the world and calculated based on the interest rates set by all the major banks in London.
The scandal, which peaked in 2008, involved a handful of those banks allegedly fixing the rate by colluding and sharing information on what rates they would each set.
“[I]ts just amazing how libor fixing can make you that much money,” one RBS trader said in a chatroom, according to a CFTC transcript. “Pure manipulation going on,” said another.
UBS already announced it will pay $US545 million to settle allegations earlier on Wednesday.
Attorney General Lorretta Lynch is expected to announce resolutions at 10 am on Wednesday, and we’ll have all the details here for you as they roll in, bank by bank.
Check back here for updates…