5 banks agree to pay $3 billion to settle currency-rigging charges

Early Wednesday, five major banks agreed to pay U.S. and British regulators more than $3 billion to settle charges of manipulating the foreign-exchange market. The five banks — HSBC, Royal Bank of Scotland, UBS, J.P. Morgan Chase, and Citigroup — will pay the U.S. Commodity Futures Trading Commission $1.4 billion and the U.K.'s Financial Conduct Authority about $1.75 billion. At the last minute, for unknown reasons, Barclays pulled out of the agreement, which The Wall Street Journal says is expected to be the first in a bundle of settlements between banks and regulators.

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Peter Weber

Peter Weber is a senior editor at TheWeek.com, and has handled the editorial night shift since the website launched in 2008. A graduate of Northwestern University, Peter has worked at Facts on File and The New York Times Magazine. He speaks Spanish and Italian and plays bass and rhythm cello in an Austin rock band. Follow him on Twitter.