Nine banks to pay $2 billion to US investors in rate-rigging case
Pinsent Masons, 18 August 2015
Nine of the world’s largest banks have agreed to pay a total of $2 billion in compensation to investors in the US over the manipulation of exchange rates, and to cooperate in litigation against 12 other defendants.
Law firm Hausfeld announced that settlements have been reached with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS, and UBS on behalf of investors.
The banks will now work with the investors in continuing litigation against Credit Suisse Group, Credit Suisse, Credit Suisse Securities, Deutsche Bank, Deutsche Bank Securities, Morgan Stanley, Morgan Stanley & Co, Morgan Stanley & Co. International, Bank of Tokyo-Mitsubishi., RBC Capital Markets, Société Générale and Standard Chartered. Several of these banks were added to the action last month based on facts found during the investigation, Hausfeld said.