BNP Paribas to pay $115m to settle currency rigging lawsuit
BNP Paribas has agreed to pay $115 million to settle US investor lawsuits accusing 16 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market, a person familiar with the matter said today.
The Paris-based bank is among nine that lawyers for the plaintiffs disclosed on Thursday had reached agreements totaling more than $2 billion in class action litigation pending in New York.
Of those banks, the plaintiffs have announced the terms for only four of their settlements, leaving unconfirmed how much BNP Paribas, HSBC Holdings Plc, Barclays Plc, Goldman Sachs Group Inc and Royal Bank of Scotland Group Plc will pay.
The Wall Street Journal in June reported that HSBC would pay $285 million, while Barclays would pay $375 million. Those numbers remain unconfirmed and representatives for the banks declined to comment.
Goldman Sachs will pay $129.5 million, a person familiar with the matter said on Thursday.
An RBS spokesman on Friday declined to say how much it will pay, but said it was covered by existing provisions.