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Banks to pay $2B to settle currency rigging suits: Reuters

Settlement reached in forex lawsuit

Lawyers representing investors said the banks implicated in a U.S. currency rigging lawsuit agreed to pay a combined total of more than $2 billion in a settlement Thursday, according to Reuters.

The banks among the latest to reach settlement in the class action litigation included Barclays, Bank of America, BNP Paribas, Citigroup, Goldman Sachs, HSBC, Royal Bank of Scotland, and UBS, said Christopher Burke, a lawyer speaking for investors at a hearing in Manhattan federal court.

A previously filed and related settlement with JPMorgan from January will be refiled in a few weeks.

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Settling banks agreed to provide substantial cooperation, but litigation is ongoing against other banks.

Traders employed by the banks allegedly attempted to manipulate benchmark currency prices through instant-messages with counterparts at other companies.