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US: Bank of America settles currency-rigging lawsuit

By  |  April 16, 2015

Bank of America Corp has settled a US class action lawsuit, pertaining to foreign exchange rigging scandal. According to the plaintiffs’ lawyer, Scott & Scott, BofA has settled its portion of the FX manipulation lawsuit covering 12 banking giants. The terms of the agreement were not disclosed.

The settlements begun earlier this year, with JPMorgan Chase being the first one to clear its name, courtesy of the $99.5 million settlement in January. Swiss banking giant UBS Group AG paid $135 million in its March settlement.

The lawsuit accused the involved banks of collusion in rigging the key currency benchmark. The regulators in the US as well as Europe are also investigating the forex rigging scandal, with potentially bigger settlements to follow.

 

Full Content: Bloomberg

 

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