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LIBOR Litigation

Other Events

FOREX Market Manipulation

Separate from investigations into LIBOR manipulation, Swiss, British and American regulators also fined a number of large, global banks for rigging benchmarks utilized by fund managers to decide what to pay for foreign currency in the foreign exchange (forex) market.

News and analysis: NY Times: Big Banks Are Fined $4.25 Billion in Inquiry Into Currency-Rigging, BBC Six banks fined £2.6bn by regulators over forex failings, Shadowproof: Regulators Fine Banks for Rigging Foreign Exchange Benchmarks, Crooks and Liars: Big Banks Get Wrist-Slapped Over Currency Manipulation Charges, NY Times: 5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered

People v. Wells Fargo & Co.

Wells Fargo was accused of opening accounts and charging fees to customers without proper authorization to meet high quotas. The City of Los Angeles filed a lawsuit in May 2015 (People v. Wells Fargo & Co., Cal. Super. Ct., No. BC580778). 

News: LA Times: After L.A. lawsuit, Wells Fargo customers express anger over bank’s practices, Bloomberg: Wells Fargo Accused by Los Angeles of Running Fee Machine