HSBC to Pay $100 Million to End U.S. Currency-Rigging Probe
- Bank takes deferred-prosecution deal a month after one expired
- One HSBC trader has been convicted, another charged in scheme
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HSBC Holdings Plc has agreed to pay about $100 million in penalties to resolve a U.S. Justice Department investigation into the rigging of currency rates, part of a probe that has already led to the conviction of one of its former bankers and charges against another.
As part of the deal, HSBC entered into a deferred-prosecution agreement with prosecutors and promised to help with the criminal case against former traders and any other individuals swept up in the matter.