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Forex rigging settlement

August 14, 2015

A number of large banks have agreed to pay billions of dollars to compensate investors in a large-scale currency-rigging lawsuit. But the settlements are still preliminary, awaiting the approval of the judiciary.

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BNP Paribas logo
Image: Reuters

BNP Paribas on Friday agreed to pay $115 million (103 million) to settle investor claims of price-rigging in the foreign exchange (forex) market.

The bank is one of nine lenders that have reached agreements totaling $2 billion to deal with claims in class action litigation pending in New York.

Apart from Paribas, accords were also reached with Bank of America, Barclays, Citi, Goldman Sachs, HSBC, JPMorgan, RBS and UBS, legal firm Hausfeld confirmed in a statement.

Lawsuit not over

"In addition to the billions of dollars in compensation, these settling banks have agreed to cooperate with investors in their continuing litigation" against other institutions, Hausfeld noted.

Lawyers said seven other defendants stood accused of manipulating prices in the $5.4-trillion-per-day foreign exchange market.

Friday's agreements are distinct from proceedings led by US and British regulators, which in May ordered $6 billion in fines on six major banks for rigging forex and Libor interest rates.

hg/cjc (Reuters, AFP)