Major banks to pay $2 billion in rate-rigging settlement http://b4in.org/sS2g
Nine banks, accused of foreign exchange rates manipulation, have agreed to pay $2 billion in settlements to US investors, according to lawyers representing the investors.
The banks include Goldman Sachs, Bank of America, Citi, Barclays, BNP Paribas, HSBC, JPMorgan, RBS and UBS. They are accused of tampering with currency interbank rates on the $5.3 trillion-a-day foreign exchange market.
The completion of the settlement was announced in an open court Thursday, legal firm Hausfeld, representing investors, said in a statement.
The banks have also agreed to cooperate with the investors in litigation of the remaining banks accused, according to lawyers. They include Standard Chartered Plc, Societe Generale SA, Bank of Tokyo-Mitsubishi UFJ Ltd., RBC Capital Markets, Deutsche Bank AG, Credit Suisse Group AG and Morgan Stanley.
“As a result of lengthy, hard-fought negotiations, we have obtained historic recoveries on behalf of US investors. Apart from the monetary component, each defendant has agreed to provide substantial cooperation, which will assist investors in their continued litigation against the non-settling defendants,” said Michael D. Hausfeld, chairman of Hausfeld.