Foreign news: Banks settle forex claim

Banking Day staff
  • Nine banks have agreed to pay US$2 billion in settlements to US investors over claims they rigged foreign exchange rates, the BBC reports. Lawyers acting on behalf of the investors announced that HSBC, Barclays, BNP Paribas, Bank of America, JP Morgan, Citibank, Goldman Sachs, RBS and UBS had agreed to the settlement and that other banks were being pursued. Investors claim that the banks' traders used closed chat rooms and messaging systems to manipulate prices. A number of banks have already paid large fines imposed by regulators over the matter.