Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Scoreboard for private settlements of Forex litigation

leave a comment »

Settlement talks are apparently progressing in a large class action suit against the big banks for manipulating foreign exchange rates.

Wall Street Journal reports on 3/17 that Citigroup, Barclays Close to Settling Forex Lawsuit With Private Investors.

Rumors are those two banks may settle with a group of investors for $800M between them.

According to the article, here’s the current status:

  • $99.5M – JP Morgan – settled in January
  • $135M – UBS – settled a week ago Friday, 3/13
  • part of $800M – Citigroup
  • part of $800M – Barclays
  • ? – BofA
  • ? – BNP Paribas
  • ? – Credit Suisse
  • ? – Deutsche Bank
  • ? – Goldman Sachs
  • ? – HSBC
  • ? – Morgan Stanley
  • ? – RBS

First round of settlements was for $4.3B.

Speculation of possible settlements with U.S. DoJ is for around $4B.

Anyone seen any guesses or speculation on what NY DFS may be looking for in terms of dollars?

Written by Jim Ulvog

March 23, 2015, 6:54 am at 6:54 am

Posted in Other stuff

Tagged with

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: