"(Reuters) - A U.S. bank regulator on Wednesday fined three top banks a total of $950 million for failing to prevent employees' misconduct in foreign exchange trading.
The Office of the Comptroller of the Currency said Bank of America Corp (BAC.N) agreed to pay $250 million, and JPMorgan Chase & Co (JPM.N) and Citigroup Inc (C.N) would each pay $350 million.
Regulators said traders from the three banks used online chat rooms to discuss ways to manipulate rates to benefit themselves and share confidential information such as customer orders.
Earlier on Wednesday, a separate group of U.S. and foreign regulators announced $3.4 billion in fines against five banks, including JPMorgan and Citi, over attempts to manipulate the same rate, which is used by asset managers and corporate treasurers to value their holdings."
I read it everywhere. How concerned should people be?