Following a series of investigations launched by US, UK and Swiss regulators on claims that foreign exchange rates are being rigged, majority of the top banks had taken steps like allocating costs for future settlement and dismissing traders to curb the effects of the financial scandal.
Lloyds Banking Group Plc has joined some of the major banks who have suspended, fired or laid off its currency traders as the UK Financial Conduct Authority started its investigation on claims that foreign exchange currency manipulation had taken place.
US Bankruptcy Judge Stuart Bernstein approved JPMorgan Chase & Co's to pay $325 million to Bernard Madoff lawsuit trustee Irving Picard and another $218 million to settle two other cases that Picard helped file, Bloomberg said in a report.
Assistant United States attorney Eugene Ingoglia told the jury and the court audience during his closing arguments at arguably one of the most-watched court trials that ex-SAC Capital Advisors portfolio manager Mathew Martoma wanted an early-warning system to make trades.
