The fine is the first foreign exchange (FX) related settlement paid in the New Year by Barclays, following a $150 million fine for manipulating forex markets via its electronic trading platform back in November 2015. Barclays has agreed to pay $50m to settle a US lawsuit accusing it of rigging its foreign exchange trading system to reject client orders that would be unprofitable for the UK bank; this comes three months after the bank agreed to pay $150m and fire a senior electronic trading official to resolve similar claims by the New York State Department of Financial Services. The settlement is subject to court approval, but will allow Barclays, which was fined £290m, to avoid further legal action in the US.
Barclays has agreed to pay $50m to settle a US lawsuit accusing it of rigging its foreign exchange trading system to reject client orders that would be unprofitable for the UK bank; this comes three months after the bank agreed to pay $150m and fire a senior electronic trading official to resolve similar claims by the New York State Department of Financial Services. The settlement is subject to court approval, but will allow Barclays, which was fined £290m, to avoid further legal action in the US.