Currency trades under federal scrutiny

Once again, big banks are under investigation by the Justice Department over allegations of suspect business dealings.

The New York Times reports that traders at banks including Citigroup, Barclays and the Royal Bank of Scotland, are suspected of deliberately altering the price of foreign currencies, raising the costs for clients while increasing the banks’ profits.

The investigation is in its early stage, but authorities are indicating legal ramifications could result. The banks declined comment, according to the report, which also states nine of the largest banks in currency trading are under investigation and have placed traders on leave.

Read more from the New York Times.