14th Aug 2015 12:13
LONDON (Alliance News) - Nine banks have agreed to pay more than USD2.0 billion in settlements over allegations they tried to manipulate the USD5.3 trillion per day foreign exchange market, a law firm has said.
Law firm Hausfeld said on Thursday that plaintiffs reach settlements with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS, and UBS.
The completion of the settlements were announced in open court, Hausfeld said. The settlements are expected to be submitted for preliminary approval in the near future, the law firm added.
"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," Hausfeld Chairman Michael Hausfeld said in a statement.
"While the recoveries here are tremendous, they are just the beginning. Investors around the world should take note of the significant recoveries secured in the United States and recognize that these settlements cover a fraction of the world?s largest financial market," the chairman added.
By Samuel Agini; [email protected]; @samuelagini
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