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Barclays to pay $2.4B in currency manipulation case
The New York State Department of Financial Services (NYDFS) said Wednesday that Barclays (London Stock Exchange: BARC-GB) will pay $2.4 billion to settle its foreign exchange manipulation case. (Tweet This)
"Today's NYDFS order concerning Barclays, however, does not release the Bank from any claims concerning electronic systems used in FX trading and electronic trading of FX and FX-related products. The Department will continue its investigation of these areas of activity," the department said in a statement.
The agency also said the bank will terminate eight employees who engaged in the fraud scheme.
"Put simply, Barclays employees helped rig the foreign exchange market. They engaged in a brazen 'heads I win, tails you lose' scheme to rip off their clients," said Benjamin Lawsky, the agency's superintendent.
The department said the penalty will be distributed as such: $485 million to the NYDFS, $400 million to the Commodities Futures Trading Commission (CFTC), $710 million to the U.S. Justice Department, $342 million to the Federal Reserve and about $441 million to the U.K.S' Financial Conduct Authority.
Read More Barclays posts 'messy' full-year loss as shares fall
Other banks, including J.P. Morgan, UBS, Citigroup and the Royal Bank of Scotland will also plead guilty to similar charges.
Barclays had recently set aside about $3.17 billion for fines over past misconduct.
-CNBC's Kate Kelly and Catherine Boyle contributed to this report.
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