Reuters
Under such agreements, the company is charged but criminal proceedings are suspended as long as conditions of the agreement are met.
A DPA document, which must be approved by a judge, was filed in federal court in Brooklyn on Thursday (Jan 18).
The Department reached this resolution based on a number of factors, including the approximately $46.4 million that HSBC gained from the offense; the bank's remedial measures to date, including dedicating significant resources to improving its systems and controls and terminating the employment of employees involved in wrongdoing; and the bank's commitment to continuing to enhance its compliance program and internal controls.
It is not the first time HSBC has been in trouble with USA authorities.
"HSBC is committed to ensuring fair outcomes for its customers and protecting the orderly and transparent operation of the markets", the bank said.
HSBC said the conduct which led the Department of Justice to issue this second DPA took place between 2010 and 2011 and, according to the document, relates to its handling of a client order by Cairn Energy and financial services it provided to another unnamed company.
TJX Companies Inc (TJX) Holdings Boosted by USS Investment Management Ltd
According to Finviz reported data, The SMA20 of the stock is at 0.65 percent, SMA50 is 4.3 percent, while SMA200 is 4.54 percent. Its up 0.01, from 0.82 in 2017Q2. 264.73 million shares or 40.11% more from 188.94 million shares in 2017Q2 were reported.
Indian firing kills 2 Pakistani women, injures 5
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Wilkes County schools closed for students on Friday due to roads
Students and families will receive the adjusted SOL test schedules from their schools. In York County, all midterm exams for high school credit courses are canceled.
The earlier cases were based on antitrust law over conduct affecting an entire market, whereas the HSBC matter was a fraud perpetuated on its own clients.
Prosecutors say that in 2010 and 2011, traders on HSBC's foreign exchange desk used confidential client information to conduct trades in British currency that deliberately drove the price of sterling in a direction benefitting the bank and harming the clients. His sentencing is set for Feb 15. HSBC also made misrepresentations to one of the clients, Cairn Energy, to hide the self-serving nature of its actions.
Two other traders whose names surfaced in evidence at Johnson's trial, including the head of foreign-exchange trading in the Americas, recently left the bank, a person familiar with the situation has said.
HSBC is the world's sixth-biggest currency trader, according to Euromoney rankings.
In one March 2010 transaction, it converted approximately GBP5.3 billion ($7.4 billion) to US dollars for a client - identified in court documents only as a financial-services company - that resulted in a $38.4 million profit for HSBC.
The settlement follows an indictment handed down on Wednesday against a former Barclays trader similarly accused of defrauding the former California computing giant Hewlett-Packard by manipulating foreign exchange markets.
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