Bank Agrees to Pay Penalty for Antitrust Violations in Connection with FX Currency Rigging

A bank subsidiary agreed to pay a $90 million criminal fine in order to settle charges of conspiring to manipulate foreign currency exchange ("FX") markets.

BNP Paribas USA Inc. (a subsidiary of BNP Paribas S.A.) pleaded guilty to antitrust violations for conspiring to manipulate prices of Central and Eastern European, Middle Eastern, and African ("CEEMEA") currencies. BNP further pleaded guilty to agreeing with other firms on pricing to quote to specific customers, and taking various measures to conceal its misconduct.

The DOJ agreed not to recommend probation for BNP, noting the bank's remedial efforts and agreement to cooperate on the DOJ's ongoing investigation into FX misconduct. BNP is the sixth major bank to plead guilty in connection with the DOJ's continuing investigation into antitrust and fraud crimes in the FX market.