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Major banks admit guilt in forex probe, fined $6 billion
UBS will plead guilty to rigging benchmark interest rates and pay $545 million to U.S. authorities to settle their probe into alleged manipulation of foreign exchange rates. The Swiss bank's payment is part of what is expected to be a combined $5 billion settlement by five of the world's biggest banks with U.S. and British authorities over alleged manipulation of the $5-trillion-a-day forex market. Regulators had already fined six banks $4.3 billion last year for failing to stop their traders from trying to manipulate forex rates. This followed a year-long inquiry which has put the largely unregulated market on a ... (full story)
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