WHEN: Today, Tuesday, May 19th
WHERE: CNBC's "Closing Bell"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly.
All references must be sourced to CNBC.
BILL GRIFFETH: WE HAVE BREAKING NEWS RIGHT NOW ON SOME OF THE NATION'S BIGGEST BANKS NEARING A SETTLEMENT ON FOREIGN EXCHANGE CHARGES. KATE KELLY, THIS HAS BEEN A LONG TIME COMING.
KATE KELLY: THAT IS RIGHT BILL. SO NOW WE UNDERSTAND THAT A NUMBER OF MAJOR INTERNATIONAL BANKS ARE EXPECTED TO SETTLE WITH THE JUSTICE DEPARTMENT IN AN ANNOUNCEMENT TO BE MADE AS EARLY AS TOMORROW. AND THAT SOME OF THE HOLDING COMPANIES OF THESE BANKS ARE EXPECTED TO PLEAD GUILTY TO RIGGING THE FOREIGN EXCHANGE MARKETS THE INTERNATIONAL MARKETS ON WHICH PEOPLE TRADE CURRENCIES. THERE WILL ALSO BE A FINE LEVIED ON THE GROUP OF BANKS THAT I'M TOLD NUMBERS IN THE HIGH BILLIONS OF DOLLARS, ALTHOUGH THE EXACT TOTAL STILL YET TO BE DETERMINED. DETAILS, OF COURSE, WILL BE COMING PROBABLY THROUGHOUT THE REST OF THE AFTERNOON AND EVENING. BUT CERTAINLY TOMORROW IF THE TIMING GOES AS EXPECTED, BILL AND KELLY. SO AGAIN, THE CURRENCY MANIPULATION PROBE TAKEN BY THE JUSTICE DEPARTMENT AND OTHER AGENCIES TOGETHER LIKELY TO BE RESOLVED IMMINENTLY. BACK TO YOU.
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