Bank of America, Barclays, BNP Paribas, Citibank, Goldman Sachs, HSBC, JP Morgan, RBS, and UBS have agreed to pay $2bn in settlements to US investors, including hedge funds and pension funds, who claim they conspired to rig foreign exchange rates. The banks are accused of conspiring with traders at the New York Mercantile Exchange (NYMEX) – a major global derivatives market that is used by more than 90% of all financial transactions around the world – Seven other banks are also being investigated and "they are just the beginning", suggested Lawyer Michael Hausfield.
Bank of America, Barclays, BNP Paribas, Citibank, Goldman Sachs, HSBC, JP Morgan, RBS, and UBS have agreed to pay $2bn in settlements to US investors, including hedge funds and pension funds, who claim they conspired to rig foreign exchange rates. The settlements are preliminary and still needs to be agreed by a district judge. Seven other banks are also being investigated and "they are just the beginning", suggested Lawyer Michael Hausfield.