Saying five of the world’s largest banks engaged in “brazenly illegal behavior,” U.S. Attorney General Loretta Lynch announced $5.7 billion dollars in fines for banks rigging currency rates that “influenced ever sector in every economy in the world.”
FX Manipulation disadvantaged "institutions, pension funds and corporations, including the bank’s own customers”
Using “coded language to conceal their collusion,” a group of bank traders known as “The Cartel” worked with each other, often at the expense of their customers, “to push exchange rates in a direction favorable to their banks, but detrimental to many others,” Lynch said in a press conference today.
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