Arab Today, arab today 4 banks pay nearly 1bn to settle forex rigging suit
Last Updated : GMT 06:09:34
Arab Today, arab today
Arab Today, arab today

4 banks pay nearly $1bn to settle forex rigging suit

Arab Today, arab today

Arab Today, arab today 4 banks pay nearly $1bn to settle forex rigging suit

4 major banks have reached separate agreements
New York - AFP

Four major banks have reached separate agreements to settle a US civil lawsuit over alleged foreign-exchange rigging in deals totaling nearly $1 billion, sources close to the situation said Wednesday.

The agreements by Goldman Sachs, French bank BNP Paribas and British banks Barclays and HSBC are preliminary and could change, the sources said, confirming a report on the settlements in The Wall Street Journal that cited people familiar with the matter.

The four banks' pending agreements would settle the civil lawsuit filed by Scott & Scott and Hausfeld that alleges their traders manipulated the forex market to boost the banks' profits.

According to the sources, Barclays will pay $375 million, HSBC $285 million, BNP Paribas nearly $100 million and Goldman Sachs about $130 million. Combined, the settlements total about $890 million.

None of the banks has admitted to the alleged rigging of the $5.3 trillion currency market, the sources said.

The deal is subject to approval by US authorities, notably by US District Judge Lorna Schofield in New York, in whose court the lawsuit was filed. A hearing is scheduled on June 25 at 2000 GMT, according to court documents reviewed Wednesday by AFP.

The four banks' position in the case was weakened last month by nearly $6 billion in fines ordered by US and British regulators from six major banks -- Barclays, JPMorgan Chase, Citicorp, Royal Bank of Scotland, UBS and Bank of America -- for rigging foreign exchange market and Libor interest rates.

Barclays, JPMorgan Chase, Citicorp and the Royal Bank of Scotland all pleaded guilty to US Justice Department charges of conspiring to manipulate the massive currency market.

Switzerland's UBS meanwhile pleaded guilty to violating a prior settlement of charges for rigging the Libor interest rate. And Bank of America was included with the other five banks in fines levied by the US Federal Reserve in the forex rigging case.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 4 banks pay nearly 1bn to settle forex rigging suit Arab Today, arab today 4 banks pay nearly 1bn to settle forex rigging suit

 



Arab Today, arab today
Arab Today, arab today US, Britain ban laptops on flights

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Hezbollah commander killed by own men

GMT 07:43 2017 Wednesday ,22 March

Hezbollah commander killed by own men
Arab Today, arab today Tunisian media host praises her new experience

GMT 12:35 2017 Wednesday ,15 March

Tunisian media host praises her new experience
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Palestinian police wage war

GMT 07:53 2017 Friday ,17 March

Palestinian police wage war
Arab Today, arab today Donia Abdel Aziz participates in "Game of Silence"

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"
Arab Today, arab today Mexico threatens to ditch US corn imports

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 07:39 2017 Monday ,20 March

Dalia Mustafa believes in the presence of ghosts

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 16:41 2017 Monday ,20 March

Preserving the memory of glaciers

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 14:17 2017 Monday ,20 March

Cholesterol-slashing drug not impair brain

GMT 17:08 2017 Saturday ,18 March

Reveals secrets of tourism flights to space

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday