On July 28 in the US District Court in Manhattan, preliminary settlements were filed as Morgan Stanley, Royal Bank of Canada, Societe Generale, Standard Chartered Plc and Bank of Tokyo-Mitsubishi UFJ settle claims accusing them of having manipulated the foreign exchange market.
Friday’s settlements still need a judge’s approval, but if approved mean that 14 of the 16 banks sued have settled the claims.
The settlements amounted to US$50 million for Morgan Stanley, US$15.5 million for RBC, US$18 million for Societe Generale, US$17.2 million for Standard Chartered and US$10.5 million for Bank of Tokyo for a total of US$111.2 million.
As with previous settlements, the banks deny all allegations of wrongdoing.
Full Content: Reuters