US indicts three in forex rigging probe

Accused UK-based traders face maximum 10 years in prison and $1m in fines

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Paying the price: banks have forked out almost $12bn in criminal and civil fines in the forex scandal

Three former foreign exchange traders who worked at some of the world's largest banks were indicted yesterday (January 10) on a conspiracy charge to manipulate EUR/USD, one of the most actively traded currency pairs, and eliminate competition. The one-count indictment filed in the US District Court for the Southern District of New York marks a big win for the US Department of Justice (DoJ), which has vowed to hold individuals accountable for corporate misconduct amid the alleged years-long ri