Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. A federal judge urged U. In handing down the penalties at a sentencing hearing in Bridgeport, Connecticut, on Thursday, U. District Judge Stefan R. UBS had received immunity from prosecution in the currency case because of its cooperation with authorities.
Katz, who worked at several firms including Barclays, was the first individual to admit guilt in the probe. Banks or affiliates that have pleaded guilty to currency or interest-rate manipulation are required to receive waivers from the Department of Labor before their sentencing in order to continue managing U.
The government revealed in court papers filed ahead of the Thursday sentencing that Barclays, Citigroup and JPMorgan Chase had cooperated to provide evidence of a potential new antitrust conspiracy in the currency spot market. The sentencing documents contain little information as to whether the cooperation is helping prosecutors build cases against the small group at the heart of the conspiracy -- traders at the five banks that prosecutors say used an instant-messaging group called The Cartel to fix prices.
Barclays, Citigroup, and JPMorgan provided audio files, documents and trading data in connection with the new probe, while Barclays also got information from witnesses, the government said in the filings.
Upon sentencing, the banks begin three-year probation periods requiring them to report any potential misconduct or investigations by authorities.
The judge denied the request, saying that the issue should be taken up by the judge considering the lawsuit. Facebook Twitter LinkedIn Instagram. About The Company Bloomberg London. Global Risk Briefing Road to Brexit: Latest Issue Debrief Podcast Subscribe. January 5, , Before it's here, it's on the Bloomberg Terminal. Have a confidential news tip? Get in touch with our reporters.More...