BNP Paribas USA, a subsidiary of BNP Paribas, pleaded guilty to participating in a price-fixing conspiracy in the foreign currency market (FX), and agreed to pay a criminal fine of 90 million U.S. dollars, said the U.S. Department of Justice on Friday.
BNP Paribas USA admitted to having conspired to suppress and eliminate competition by fixing prices in Central and Eastern European, Middle Eastern and African currencies from September 2011 to July 2013, violating U.S. antitrust law.
"The Antitrust Division is committed to uncovering and prosecuting wrongdoing in all corners of the foreign currency exchange market, including this conspiracy affecting multiple emerging market currencies," said Assistant Attorney General Makan Delrahim of the Justice Department's Antitrust Division.
As part of its sentence, BNPP USA agreed to pay a criminal fine of 90 million dollars. The Justice Department said the BNP Paribas will not be put on probation, in light of the bank's substantial efforts relating to compliance and remediation.
BNPP USA is the sixth major bank to plead guilty as a result of the Justice Department's ongoing investigation into antitrust and fraud crimes in the FX market.
Citigroup, JPMorgan, Barclays, The Royal Bank of Scotland an
d UBS have pleaded guilty and were collectively fined 2.8 billion U.S. dollars, according to the Justice Department.
BNP Paribas USA admitted to having conspired to suppress and eliminate competition by fixing prices in Central and Eastern European, Middle Eastern and African currencies from September 2011 to July 2013, violating U.S. antitrust law.
"The Antitrust Division is committed to uncovering and prosecuting wrongdoing in all corners of the foreign currency exchange market, including this conspiracy affecting multiple emerging market currencies," said Assistant Attorney General Makan Delrahim of the Justice Department's Antitrust Division.
As part of its sentence, BNPP USA agreed to pay a criminal fine of 90 million dollars. The Justice Department said the BNP Paribas will not be put on probation, in light of the bank's substantial efforts relating to compliance and remediation.
BNPP USA is the sixth major bank to plead guilty as a result of the Justice Department's ongoing investigation into antitrust and fraud crimes in the FX market.
Citigroup, JPMorgan, Barclays, The Royal Bank of Scotland an
d UBS have pleaded guilty and were collectively fined 2.8 billion U.S. dollars, according to the Justice Department.
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