BNP Paribas to pay $115m to set­tle cur­rency rig­ging law­suit

The Pak Banker - - COMPANIES/BOSS -

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.

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