BNP Paribas SA agreed to pay $246 million to settle Federal Reserve claims that the bank failed to keep its currency traders from using electronic chatrooms to manipulate prices, the U.S. central bank said in a statement today.
The Fed said the Paris-based lender's deficiencies -- which also led to a $350 million settlement in May with the New York Department of Financial Services -- constituted unsafe and unsound practices and ordered the bank to improve its oversight and internal controls over foreign-exchange trading.
BNP Paribas was among several global banks that have faced billions in fines, regulatory sanctions, and legal challenges over the use of chatrooms to influence currency rates, and some of the individuals involved were the targets of criminal prosecutions. ...
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