Settlement talks are apparently progressing in a large class action suit against the big banks for manipulating foreign exchange rates.
Wall Street Journal reports on 3/17 that Citigroup, Barclays Close to Settling Forex Lawsuit With Private Investors.
Rumors are those two banks may settle with a group of investors for $800M between them.
According to the article, here’s the current status:
- $99.5M – JP Morgan – settled in January
- $135M – UBS – settled a week ago Friday, 3/13
- part of $800M – Citigroup
- part of $800M – Barclays
- ? – BofA
- ? – BNP Paribas
- ? – Credit Suisse
- ? – Deutsche Bank
- ? – Goldman Sachs
- ? – HSBC
- ? – Morgan Stanley
- ? – RBS
First round of settlements was for $4.3B.
Speculation of possible settlements with U.S. DoJ is for around $4B.
Anyone seen any guesses or speculation on what NY DFS may be looking for in terms of dollars?