The Justice Department announced Wednesday that Citigroup, JPMorgan Chase, Barclays, and the Royal Bank of Scotland will plead guilty to multiple crimes, including violating antitrust laws.
A group of traders who referred to themselves as "the cartel" rigged the market to manipulate interest rates and foreign currencies. The traders executed the scheme for five years, through 2012.
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The banks' parent companies are expected to enter the guilty pleas in a Connecticut federal court on Wednesday.
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