US prosecutors are, reportedly, offering immunity deals to junior traders in London as they continue to investigate the alleged rigging of foreign exchange rates by banks and senior traders.
Citing people familiar with the situation, the Financial Times reported that US Justice Department staff have flown to Britain in recent weeks to interview foreign exchange traders and offer them partial immunity, or "proffer agreements", in exchange for information about superiors.
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The agreement allow individuals to give authorities information about crimes with some assurances they will be protected against prosecution, as long as they do not lie.
A senior lawyer told the FT that the DOJ probe was "well-advanced".
However, the publication quoted another lawyer saying that most of the traders the DOJ had approached had so far declined the immunity deals.
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By GlobalData
