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U.S. Is Seeking Billions From Global Banks in Currency Manipulation Settlement

A combo of Chinese currency RMB or Yuan, US Dollar, Hong Kong Dollar and other currencies notes is seen outside a foreign exchange shop in Hong Kong on March 12, 2015.

A combo of Chinese currency RMB or Yuan, US Dollar, Hong Kong Dollar and other currencies notes is seen outside a foreign exchange shop in Hong Kong on March 12, 2015.

Photographer: Jason Li/EyePress/Sipa via AP Images

The U.S. Justice Department is seeking about $1 billion each from global banks being investigated for manipulation of currency markets, according to two people familiar with the talks.

The figure is a starting point in settlement discussions, with some banks being asked for more and some less than $1 billion. One bank that has cooperated from the beginning is expected to pay far less, one of the people said. Penalties of about $4 billion are on the table, according to one of the people, though the number could change markedly.