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News
November 13, 2014

Following $3.3 Billion Forex Settlement, Multiple Government Regulators Lining Up to ‘Extract Huge Penalties’ Against Banks

The Justice Department, Federal Reserve and Department of Financial Service in New York are set to ramp up their own investigations into five banks who yesterday announced a $3.3. billion settlement over foreign currency market investigations with U.S. and U.K. regulators — another high-profile case of dual enforcement by multiple government entities.

As the New York Times reports, the settlement reported yesterday is only the “first chapter.” New discussions have started between government regulators and the banks in what the Times reports will be an opportunity for government regulators “to extract their own huge penalties” against the banks.

Read the full story here.

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