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Speaker 1: Now it's time for our daily Bloomberg Law Brief, exploring

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Speaker 1: legal issues in the news. Today, Bloomberg Law hosts June

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Speaker 1: Crosso and Greg Store discuss the Justice Department probe over

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Speaker 1: currency rigging that's not being aided by several major banks.

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Speaker 1: They speak to Robert Hacketts, a professor at Cornell University

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Speaker 1: Law School, and Bloomberg News reporter Tom Schoenberg. Tom, what

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Speaker 1: did we learn from these these new court filings? Sure? So,

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Speaker 1: what we saw in sentencing papers was that really kind

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Speaker 1: of a first kind of public acknowledgement from the Justice

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Speaker 1: Department that there's an active criminal conspiracy investigation into additional

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Speaker 1: currency pairs in its currency rigging investigation the banks the

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Speaker 1: five banks that played guilty last year to charge is

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Speaker 1: related to currency rigging those involved the Euro and the

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Speaker 1: US dollar. What we see here is that additional currency

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Speaker 1: pairs are being looked at, and that this prob is

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Speaker 1: kind of being assisted by at least three of the

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Speaker 1: banks who pled guilty last year. Bob. When Lauretta Lynch

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Speaker 1: announced the guilty please, she said that there would be

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Speaker 1: almost three billion dollars in penalties. Now these three banks

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Speaker 1: are cooperating with prosecutors, and they are going to be

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Speaker 1: rewarded well for their cooperation. Tell us about what they're

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Speaker 1: going to be facing when they're sentenced. Well, it looks

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Speaker 1: like what's been talked about now is reducing the fines

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Speaker 1: by about anywhere there's been one third and one half,

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Speaker 1: so from a bit over one billion in all cases,

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Speaker 1: we'll get down to the hundreds of millions, between basically

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Speaker 1: six hundred and nine hundred million. Tom Of course, the

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Speaker 1: judge doesn't have to accept that recommendation. It is below

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Speaker 1: the federal sentencing guidelines. What if any indications do we

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Speaker 1: have about how the judge up in Connecticut might be

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Speaker 1: planning on handling this. We don't know, you know, exactly

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Speaker 1: what he may do. But uh, you know what I

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Speaker 1: find interesting is that these banks are kind of going

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Speaker 1: to be sentenced all nearly at the same hearing, and

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Speaker 1: ubs which pled guilty to charges you know that stemmed

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Speaker 1: from that investigation, is being sentenced just a half hour prior. Also,

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Speaker 1: we know that the government, you know, these are the

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Speaker 1: fines that the government and the Bank's announced when when

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Speaker 1: all these banks pled guilty in May. So um, you know,

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Speaker 1: in all the sort of filings between now and then,

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Speaker 1: there's been no indications from the judge that he wouldn't

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Speaker 1: accept that. That's Robert Huckett, a professor at Cornell University

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Speaker 1: Law School, and Bloomberg News reporter Tom Schoenberg speaking to

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Speaker 1: Bloomberg Law host Student Grosso and Greg Store. You can

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Speaker 1: listen to Bloomberg Law Days at one pm Wall Street

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Speaker 1: Time here on Bloomberg Radio and Now. Among the top

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Speaker 1: legal stories from Bloomberg Law. Several pension funds are suing

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Speaker 1: Wells Fargo over its fraudulent accounts scandal. Funds of for

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Speaker 1: the Chicago teachers and Detroit firefighters and police filed student

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Speaker 1: of Federal court in San Francisco. The suit says the

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Speaker 1: phony accounts forced the stock price down, hurting investors, whilst

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Speaker 1: Fargo fired more than five thousand employees linked to the scandal.

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Speaker 1: A subsidiary of ConAgra has agreed to settle a decade

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Speaker 1: long criminal investigation over salmonella in peter Pan peanut butter.

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Speaker 1: The company pleaded guilty and paid an eight million dollar fine.

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Speaker 1: That's the largest fine ever paid in the food safety case.

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Speaker 1: The company also forfeited another three point two million dollars

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Speaker 1: and that's this morning's Bloomberg Labry. If you can find

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Speaker 1: more legal news, have Bloomberg Law dot com and Bloomberg

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Speaker 1: Bienna dot com. Attorneys will find exceptional legal research and

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Speaker 1: business development tools there as well. Visit Bloomberg Law dot

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Speaker 1: com and Bloomberg BNA dot com for more information