The US Justice Department has sought about $1bn from each global bank being investigated for manipulation of currency markets.
According to a Bloomberg report, the settlement amount will vary depending on the bank’s cooperation with some banks being asked for more and some less than $1bn.
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The discussions are expected to lead to settlements that would resolve US accusations of criminal activity in the currency markets against Barclays, Citigroup, JPMorgan Chase, Royal Bank of Scotland Group and UBS Group with the government also preparing lawsuits against individuals.
The Swiss investment banking firm UBS, which was the first bank to notify US authorities of possible misconduct in the foreign-exchange market, has been granted immunity from prosecution for antitrust violations, reported Bloomberg.
Prosecutors are said to be pressing Barclays, Citigroup, JPMorgan and the Royal Bank of Scotland to plead guilty while six banks have already agreed to pay about $4.3bn to the regulators.
The Justice Department has requested a simultaneous settlement with the banks to enable the lenders to avoid being singled out for industry-wide conduct.
