Nine banks pay £1.3bn in forex settlements
Nine banks are set to pay $2bn (£1.3bn) to US investors who have accused them of conspiring to manipulate foreign exchange rates.
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According to the BBC, the banks are HSBC, Barclays, BNP Paribas, Bank of America, JP Morgan, Citibank, Goldman Sachs, RBS and UBS.
The agreements, have not yet been broken down into the amounts individual banks will pay, and are currently preliminary. Seven other banks are also reportedly being pursued.
Lawyer Michael Hausfeld said:
"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."
In its interim statement, Barclays revealed it had set aside provisions of £800m to cover ongoing forex investigations.
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