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Currency markets

Banks fined more than $5B, to plead guilty to market rigging

Group of banks fined over $5 billion, will plead guilty to rigging global currency markets
Ken Sweet And Eric Tucker, The Associated Press

WASHINGTON - Four of the world's biggest banks agreed Wednesday to pay more than $5 billion in penalties and plead guilty to rigging the currency markets — a rare instance in which federal prosecutors have wrung an admission of criminal wrongdoing from a major financial institution.

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