The word came down in late 2014 from the head of the Justice Department: The U.S. wouldn’t stop at extracting billion-dollar settlements from banks accused of rigging markets. Within months, the nation’s top cop said, individual wrongdoers at big banks could also expect to be brought to justice.
More than a year later, the U.S. hasn’t charged any individuals over rigging exchange rates. Britain this month dropped its own efforts to bring cases against currency traders, saying there wasn’t enough evidence. For U.S. prosecutors in the Obama administration’s waning days, time is running short.