U.S. regulators plan to join their UK peers in a multi-billion-dollar settlement with a group of the biggest global banks accused of manipulating the foreign exchange market, sources familiar with the matter said, adding the deal could come as early as next week.
Only months into an overhaul of financial benchmarks at the center of market manipulation allegations, traders and investors have raised concerns over whether new rules will work and big banks will have too much influence.
Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy.
A federal judge in Manhattan has set Jan. 11, 2016, for the first trial in consolidated litigation against General Motors Co over a series of safety issues, including a faulty ignition switch, that have prompted millions of recalls this year.
