NEW YORK, November 21 (Sputnik) – The US Department of Justice is continuing to probe alleged misconduct in the foreign exchange markets in a case that has implicated JP Morgan Chase (JPM) and other major banks, a department spokesperson has told Sputnik.
"As the Attorney General has said, the Department of Justice is engaged in an active investigation of alleged misconduct in the foreign exchange markets," Nicole Navas said Thursday, adding that no further comments could be provided.
JPMorgan Chase is a multinational banking and financial services holding company with assets estimated at a total of $2.5 trillion. Throughout its 14-year-long history, the company has stood accused of mortgage overcharging, alleged manipulations of the energy market, sanctions violations and obstruction of justice by its employees.
JPM announced that it was under investigation in its regulatory filing earlier this month, while its chief executive said the bank might need as much as $5.9 billion in legal proceedings costs, according to a Financial News report.
The report also said that several US and European banks have set aside funds in legal provisions for foreign exchange investigations as talks heat up with several banks and regulators. The banks include Barclays, Citigroup, HSBC and the Royal Bank of Scotland Group, all allocating an extra $600 to $800 million to litigation reserves.
