Editorial Board

A New Kind of Bank Settlement

It's better than "neither admitting nor denying wrongdoing."

Announcing a new kind of settlement.

Photographer: Andrew Harrer/Bloomberg

Five of the biggest banks in the world pleaded guilty Wednesday to criminal charges and essentially admitted they defrauded their customers. What's significant about this settlement -- beyond the $5.6 billion in fines the banks must pay -- is that it marks the end of the practice of allowing banks to neither admit nor deny wrongdoing.

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