Big banks hold talks on U.K. fines over forex rigging
By GCRU Gold News on Friday, September 26 2014, 13:46 - Permalink
British regulators held meetings this week with six major banks about potentially settling a long-running investigation into possible manipulation of currencies markets, according to people familiar with the talks.
The U.K.’s Financial Conduct Authority held preliminary settlement talks with executives and lawyers from banks Citigroup, JP Morgan Chase, Barclays, Royal Bank of Scotland, HSBC and UBS.
FCA officials, told the bank officials that the regulator’s goal is to reach a group settlement with the six banks in the next eight weeks, one person said, although that timetable could be delayed. The FCA told the banks that they should each expect to pay the U.K. regulator more than the 160 million pounds ($261 million) that UBS paid in 2012 to settle the U.K.’s probe into interest-rate rigging, the people said.
Note that these big banks are the major gold players!!!!!!.