By Christina Rexrode
Citigroup Inc. confirmed that it could plead guilty to an
antitrust charge as part of a settlement with the Justice
Department over accusations that the bank's traders rigged
foreign-exchange rates.
The bank also said, in a regulatory filing Monday, that it is in
"active discussions" with the Justice Department over settling the
foreign-exchange accusations.
Citigroup and other big banks have been accused of manipulating
foreign-exchange trading to their own advantage, sometimes at the
expense of clients, and a settlement with the Justice Department
had been expected.
The Wall Street Journal reported last week that Citigroup, as
well as Barclays PLC, J.P. Morgan Chase & Co. and Royal Bank of
Scotland Group, are expected to plead guilty to criminal anti-trust
charges as part of any settlement with the Justice Department. This
is the first time that Citigroup has acknowledged that it might
plead guilty.
Write to Christina Rexrode at christina.rexrode@wsj.com
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