The U.S. District Court for the Southern District of New York acquitted three foreign exchange ("FX") traders on charges of conspiracy to manipulate benchmark currency rates (i.e., fix rates) after a jury determination. The acquittals follow prior guilty pleas involving five major banks that allegedly worked together to manipulate the global FX market. The pleas resulted in criminal penalties totaling about $3 billion.
The three former FX traders for Barclays PLC, Citigroup Inc. and JPMorgan Chase & Co., respectively, were previously indicted for allegedly coordinating their trading to affect fixes on the FX spot market.
Note: The acquittals are available for purchase through PACER.
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