LONDON (Alliance News) - US financial giant Citigroup Inc and British lender Barclays PLC are nearing a settlement totaling USD800 million with private investors to resolve charges of foreign exchange rate rigging, according to a Wall Street Journal report on Tuesday. However, its is not revealed as to how much Citigroup or Barclays would pay individually.
The private forex lawsuit was filed by private investors in the US and the Caribbean, including pension funds and other investment firms, in late 2013.
The lawsuit accuses traders at a dozen banks of improperly sharing confidential information about their clients' orders via electronic chat rooms, then using that information to make money at the expense of their clients.
These were related to spot FX trading activities as well as controls applicable to those activities. The traders are charged of colluding and sharing information about client orders to manipulate foreign-exchange rates.
Copyright RTT News/dpa-AFX
Barclays (BARC)
