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The headlines reported a mind-boggling number: $6 billion - that's billion with a "B" - in fines.
Five major global banks settled charges brought by the U.S. Department of Justice. The allegations? Collusion to manipulate the foreign currency and precious metals markets using private chat rooms, secret codes and side deals between high-level traders and managers.
The banks have paid their fines. But the forex probe, as it’s known, is far from over.
In today’s post-financial crisis world, government prosecutors are aggressively seeking to bring cases against individuals. And they’re using information – thousands of pages of documents, emails and transcripts of conversations – provided by the banks. Part of the cooperation the banks had to agree to as part of their settlements.
The government is casting a very wide net. By some estimates, hundreds of bank employees may be facing investigation.
Loeb & Loeb has represented 22 separate individuals in the forex probe. We’ve helped these clients participate fully in the investigation, navigating the process of presenting themselves to the FBI and DOJ, and talking to and cooperating with government investigators at every turn.
As a result, no charges have been filed against any of our clients. They’ve remained out of the government’s crosshairs and out of the headlines – just where Loeb & Loeb’s white collar defense and investigations team wants them to be.