Three UK banks agree to cough-up $924m for Forex rigging

23 October 2015

Bank Barclays, RBS and HSBC have been hit with a $924m (£600m) bill for foreign exchange‎-rigging, which means those charges will no doubt be passed on to customers. Great. That'll teach the banks a lesson, eh?

‎Barclays will be paying $384m, HSBC $285m and RBS have agreed to fork out $255m, according to Sky. There's other banks involved too - French bank BNP Paribas and Goldman Sachs will be paying $249m between them.

If you think this is over, think again. While this payment is rather large, there could be more to come, as there's a host of other investigations that are still going on, including a criminal probe by the Serious Fraud Office.

"We look forward to presenting these momentous settlement agreements to the federal court for approval, but our work is far from done," said David Scott, managing partner of Scott+Scott (they brought this case into being). "Given our in-depth knowledge based on our success against the banks in the US, Scott+Scott is gearing up to bring the action to Europe."

So there you go. Good that the banks are being penalised for their bad form, but you know they'll make their money back through our pockets.

TOPICS:   Banking   Investments

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment