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US: Citi and Barclays close to settling forex lawsuit for $800 million

By  |  September 9, 2014

Citigroup Inc and Barclays Plc are close to settling as early as this week a lawsuit with private investors who say the banks manipulated foreign-exchange rates, the Wall Street Journal said.

The two banks are expected to pay as much as $800 million in settlement, the daily said, citing people close to the situation.

JPMorgan Chase & Co agreed to pay about $100 million to settle the same lawsuit in January and UBS AG agreed to pay $135 million last week.

Investors including hedge funds and public pension funds accused 12 banks of having conspired since January 2003 in chat rooms, instant messages and emails to manipulate the WM/Reuters Closing Spot Rates.

 

Full Content: The Wall Street Journal

 

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