Fact check
Is it true: FX currency-rate fixing cartel (2007-13, revealed 2013)?
Yes — this is confirmed.
Confirmed by UK FCA, US DOJ, Federal Reserve, NYDFS, and FINMA investigations. Five banks (Citicorp, JPMorgan Chase, Barclays, RBS, UBS) pleaded guilty to US antitrust violations May 2015. Combined fines exceeded $5.6 billion. Chat-room transcripts ("The Cartel," "Bandits Club," "Mafia") documented systematic benchmark manipulation. Mark Johnson (HSBC) convicted 2017, conviction overturned 2021 on jury-instruction grounds.
The claim
Traders at major global banks — including Citigroup, JPMorgan Chase, Barclays, Royal Bank of Scotland, UBS, Bank of America, and HSBC — coordinated manipulation of the WM/Reuters 4pm London foreign ex
Key evidence
Five banks pleaded guilty to US antitrust violations May 2015
Mark Johnson conviction overturned 2021 — individual prosecutions difficult
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