They rigged the multi-trillion dollar foreign exchange market
and according to sources, seven banks are now set to face the consequences in the coming weeks.
Barclays, Citigroup, and HSBC are expected to be fined by EU antitrust regulators.
Along with JPMorgan RBS, UBS and a small Japanese bank.
Those lenders will see, it's thought, see a 10 percent cut to their fines for admitting wrongdoing.
Credit Suisse though - which has said it did not find any evidence of misconduct - is fighting the charge.
The EU enforcer has been investigating the case for around six years
And the fine for breaching EU rules could be up to a tenth of a company's global turnover.
It's thought the EU could space out its rulings against the banks over several weeks
rather than lump them together in one day.
Barclays, BNP Paribas, Citigroup, JPMorgan, RBS and UBS have also entered guilty pleas in a U.S. case
and collectively fined more than $2.8 billion.
U.S. regulators said the foreign exchange rate rigging was allegedly done through chat rooms
using names such as "The Cartel," and "The Mafia"