Ex-HSBC Exec Says $3.5B Forex Deal Was No Fraud

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Ex-HSBC Exec Says $3.5B Forex Deal Was No Fraud – Law360 (subscription)

An attorney for former HSBC currency exchange executive Mark Johnson on Friday asked the Second Circuit to overturn his conviction for defrauding Cairn Energy in a $3.5 billion currency deal, saying it wrongly criminalizes an arms-length transaction between two sophisticated parties.

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EU Fines Five Banks $1.2 Billion for FX Rigging

Five Banks Fined $1.2 Billion for FX Rigging – CNBC

Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies. Swiss bank UBS was exempted from a 285 million euro fine since it alerted the existence of two cartels to the European Commission. 

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