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BNP Paribas to pay $115M in currency rigging suit

BNP Paribas
Philippe Huguen | AFP | Getty Images

BNP Paribas has agreed to pay $115 million to settle investor claims of price-rigging in the foreign exchange market, a source familiar with the matter said on Friday.

The bank is one of nine that have reached agreements totaling more than $2 billion to settle claims in class action litigation pending in New York, a lawyer for the plaintiffs said in a court hearing on Thursday.

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BNP Paribas, HSBC Holdings, Barclays, and Goldman Sachs were the latest banks to reach settlements, according to the lawyer, Christopher Burke, leaving seven other defendants accused of manipulating prices in the $5.4 trillion-per-day foreign exchange market.