A trio of banking groups along with BNP Paribas and Goldman Sachs have paid over $1.2 billion dollars in a class action settlement after they admitting to rigging currencies.
As a result of the outcome of the class action, it is expected that similar cases could be seen in the UK and across the world.
The US settlements, which were approved by the federal court, were a result of the class action brought by individuals and institutions bought foreign currencies and forex derivatives from the banks. As part of the settlement as well as significant payouts, the law firm representing the victims of the rigging has also won the right to be informed of the extensive details of the forex rigging to ensure that such signs could be seen in the future.
Barclays was punished the most with their settlement totalling at $384 million. HSBC paid $285 with Royal Bank of Scotland paying $255, $135 million being paid by Goldman Sachs and BNP Paribas paying $115 million.
Banks that are still to settle but are named in the litigation are Deutsche Bank, Credit Suisse, Morgan Stanley, Bank of Tokyo-Mitsubishi, RBC Capital Markets, Société Générale and Standard Chartered. Four banks had previously settled paying just over $400 million.
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