Credit Suisse Group (NYSE:CS) is to pay US$135mln to settle an investigation by NY regulators into claims of misconduct in its foreign exchange trading business.
NY regulators have accused more than a dozen traders and salespeople working for the Switzerland's second-biggest bank of manipulating the $5.3 trillion a day forex market and other illegal activity over the course of eight years, running up to 2015.
The agreement with the Department of Financial Services (DFS) settles claims relating to Credit Suisse's voice and electronic FX trading business between 2008 and 2015, according to a press release sent on Tuesday night.
The bank used an algorithm to engage in front-running - using non-public knowledge of an impending transaction - on limit and stop-loss orders from its customers. Credit Suisse was also accused of sometimes delaying client orders through its foreign exchange trading platform, eFX, in order to boost profits.
Amazon 2017 Black Friday preview ad
On Black Friday itself, they will be joined by hundreds of head office workers helping out on the shop floor. And indeed, Best Buy began offering most of its Black Friday deals November 8th - more than two weeks early.
The watchdog found that the bank's traders, using different names to disguise client requests for quotes and trading activity, shared information and conspired to move currency benchmarks in order to reap higher profits at customers' expense. This charge will be taken in its fourth quarter 2017 financial results, which will be announced on February 14, 2018.
In a statement, Credit Suisse said Monday it was pleased to have reached the settlement, though it didn't admit or deny the allegations.
The action against Credit Suisse is the latest in a series of agreements by major global banks to settle the investigations by USA authorities into the alleged manipulation of the foreign exchange market.
- High winds, lots of rain in Monday forecast
- Vietnam says fundamental deal reached on trade
- Wells Fargo & Company (WFC) Shares Bought by Deprince Race & Zollo Inc
- With Shares Trading down at $15.06 (VRX) Valeant Pharmaceuticals Completes Sale…
- Police shoot vehicle to stop it, killing driver
- Jennison Associates LLC Has $59.27 Million Position in Abbott Laboratories (NYSE:ABT)
- Steelers QB Ben Roethlisberger bashes NFL's Thursday Night Football
- Eli Lilly and Company (NYSE:LLY) Quant Score & ROE in Focus
- Tennessee State football player sucker punches coach
- Activision Blizzard, Inc (ATVI) Stake Lowered by Keybank National Association OH