Nine Major Banks Reach Forex Rigging Probe Settlements Of More Than $2 Bln

(RTTNews) - Global law firm Hausfeld LLP. announced Thursday that the plaintiffs in the Foreign Exchange Benchmark Rates Antitrust Litigation have reached settlements totaling more than $2 billion with nine of the world's largest banks.

These include U.S. financial giants JPMorgan Chase & Co. (JPM), Citigroup, Inc. (C), Bank of America Corp. (BAC), and Goldman Sachs Group, Inc. (GS) as well as British lenders Barclays Plc (BCS, BARC.L) and Royal Bank of Scotland Group Plc (RBS, RBS.L). It also includes Swiss banking giant UBS AG (UBS), French lender BNP Paribas (BNPQY.PK, BNP.L) and Asia-focused lender HSBC Holdings Plc. (HSBA.L, HSBC).

The completion of these settlements were announced in open court this afternoon, and the settlements are expected to be submitted for preliminary approval in the near future.

In addition to the billions of dollars in compensation, these settling banks have agreed to cooperate with investors in their continuing litigation against the twelve remaining defendants. These include Credit Suisse Group AG (CS), Deutsche Bank AG, Morgan Stanley (MS) Bank of Tokyo-Mitsubishi UFJ Ltd., RBC Capital Markets, LLC, Société Générale S.A., and Standard Chartered plc.