Forex scandal pushes bank fines over $300bn

Banks found guilty of rigging currency markets could end up paying fines far higher than expected.

Five banks that employed traders who clubbed together to rig foreign exchange rates were handed fines totalling £2.7bn last week by the UK's Financial Conduct Authority and US banking regulators. But that's only the tip of the iceberg, says James Titcomb in The Daily Telegraph.

Further penalties for manipulation in the forex scandal, Libor rigging and mis-selling could amount to as much as $69.9bn over the next two years, according to analysts at Morgan Stanley.

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