Barclays pleaded guilty and received $710 million in U.S. criminal penalties for foreign-exchange manipulation
Company: Barclays PLC
Summary
In May 2015, Barclays PLC agreed to plead guilty at parent-company level to conspiring to fix prices and rig bids for U.S. dollars and euros traded in the foreign-exchange spot market. The U.S. Department of Justice stated that Barclays traders participated in the conspiracy from December 2007 until July 2011 and again from December 2011 until August 2012. Traders used an exclusive electronic chat room and coordinated trading to manipulate benchmark exchange rates. Barclays agreed to pay a $650 million criminal antitrust fine. It also agreed to pay an additional $60 million criminal penalty because the foreign-exchange conduct violated a principal term of an earlier non-prosecution agreement concerning benchmark interest rates. Source / proof: U.S. Department of Justice: https://www.justice.gov/archives/opa/pr/five-major-banks-agree-parent-level-guilty-pleas
Record details
- Category
- Corporate Misconduct
- When it happened
- December 2007–August 2012
- Status
- Resolved (May 20, 2015)
- Severity
- high
- Added to Rotten Company
Source
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