July 13 Prosecutors from the U.S. Department of
Justice are offering immunity deals to junior traders in London
as they continue to investigate the alleged rigging of foreign
exchange rates by banks and senior traders, the Financial Times
reported, citing sources.
Justice Department staff have flown to Britain in recent
weeks to interview foreign exchange traders and offer them
partial immunity, or "proffer agreements", in exchange for
information about superiors, the FT said, citing people familiar
with the situation. (on.ft.com/1zzu1s4)
The deals allow individuals to give authorities information
about crimes with some assurances that they will be protected
against prosecution, as long as they do not lie.
A senior lawyer said the DOJ probe was "well-advanced", the
FT reported. However, it quoted another lawyer saying that most
of the traders the DOJ had approached had so far declined the
The DOJ did not immediately respond to calls seeking comment
outside of regular business hours.
Sources told Reuters in April that the DOJ and Britain's
Financial Conduct Authority were interviewing London traders in
connection with the investigation into the largely unregulated
$5.3 trillion-a-day forex market.
Several banks, including Bank of America Corp,
Barclays Plc, BNP Paribas SA, Citigroup Inc
and Credit Suisse Group AG, have been accused of
using chat rooms, instant messages and emails to share client
information and manipulate daily currency benchmarks.
(Reporting by Richa Naidu in Bangalore)