Jan 19, 2018

HSBC to pay $101.5m to settle currency rigging probe

HSBC has agreed to pay $101.1m to settle a US criminal investigation into rigged currency transactions. HSBC, which is Europe's biggest bank, saw one its former bankers convicted last year in connection with the probe. The HSBC settlement is made up of a $63.1m criminal penalty and $38.4m in restitution to an unnamed corporate client. The DPA, which would allow HSBC to avoid criminal charges, is pending a review by a US court. In November, the banking giant agreed to pay €300m to French authorities to settle a long-running investigation into tax evasion by French clients.

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