RBS joins banking giants to agree £1.3bn US forex settlement

rbs_logoRoyal Bank of Scotland is among nine global banking giants that have agreed to pay $2bn (£1.3bn) in settlements to US investors over claims the firms rigged foreign exchange rates.

According to the BBC, the RBS is joined by HSBC, Barclays, BNP Paribas, Bank of America, JP Morgan, Citibank, Goldman Sacks and UBS.

The claims alleging forex manipulation were brought by investors, hedge funds and pension funds.

In May international regulators fined five banks £3.7bn over forex rigging, on top of £2bn in forex fines imposed in November.

Lawyer Michael Hausfield told the BBC: “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.”

Several other banks are also being pursued through the courts, with further legal challenges being considered in London and Asia.

The agreements still need to be agreed by the district judge.

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