NEW YORK--(BUSINESS WIRE)--Scott+Scott, Attorneys at Law, LLP announces that it has entered into five additional settlements totaling more than $2 billion in In re Foreign Exchange Benchmark Rates Antitrust Litigation, Case No. 1:13-cv-7789 (S.D.N.Y.), bringing the total number of settlements with defendant banks to nine.
The new settlements are with Barclays PLC, Goldman Sachs Group Inc., BNP Paribas SA, HSBC PLC, and the Royal Bank of Scotland. These settlements follow four settlements with Citigroup Inc. and Citibank, N.A., Bank of America Corporation and Bank of America N.A., UBS AG, UBS Group AG, and UBS Securities LLC, and JPMorgan Chase & Co. and JPM Chase Bank, N.A. that Scott+Scott previously announced.
They also follow the amended complaint filed on July 31, 2015 that alleged – as a result of cooperation that Scott+Scott secured in settlements – a much broader conspiracy. As the complaint details, the conspiracy affected dozens of currency pairs, including the seven pairs with the highest market volume.
“The settlement agreements we have entered into with nine banks go a long way to ensuring that they are being held accountable for their egregious manipulation of the foreign exchange market,” commented David R. Scott, Managing Partner of Scott+Scott, “we look forward to prosecuting our claims against the remaining seven defendants."
The seven non-settling defendants include newly named defendants Bank of Tokyo-Mitsubishi, RBC Capital Markets LLC, Société Générale S.A., and Standard Chartered plc, as well as originally named defendants Deutsche Bank, Credit Suisse, and Morgan Stanley.
Scott+Scott, an internationally recognized law firm, prosecutes high-stakes antitrust and securities lawsuits throughout the United States on behalf of institutional investors, businesses, and corporations. It has offices in New York, California, Connecticut, and Ohio and recently announced the opening of its new office in London.
