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US: Deutsche Bank agrees to pay US$190m settlement in FX suit

 |  October 1, 2017

Deutsche Bank agreed to pay US$190 million to settle US litigation accusing it of rigging prices in the roughly US$5.1 trillion-a-day foreign exchange market.

Reuters reports that the bank is the 15th of 16 banks to settle the private investor litigation, for a total payout of US$2.31 billion. Only Credit Suisse has not settled.

Deutsche Bank’s preliminary settlement was detailed in filings on Friday, September 19, with the US District Court in Manhattan, and requires a judge’s approval. The bank denied wrongdoing.

Manipulation was allegedly done through chat rooms with such names as “The Cartel” and “The Mafia,” and tactics known as “front running,” “banging the close” and “painting the screen.”

The Deutsche Bank’s settlement would represent the 15th in the suit so far, leaving Credit Suisse as the last defendant without an agreement.

Full Content: Reuters

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