Banks Reach Administrative Penal Settlement with the U.S., U.K. and Switzerland on Manipulation of Foreign Exchange Benchmark Rates

                On November 12, 2014, the United States, United Kingdom and Swiss regulators reached an administrative penal enforcement settlement with some of the world’s largest banks involved in attempted manipulation of, and for aiding and abetting other banks’ attempts to manipulate, global foreign exchange (FX) benchmark rates to benefit the positions of certain traders.  The price of the settlements included fines of $4.25 billion.[1]