According to The Times, five more banks have agreed to pay a total of $111.2m to settle claims that they manipulated currency markets, as the finance scandal remains within the finance industry.

Investors have accused the banks of manipulating the currency markets, to benefit the traders more so than the clients. The banks have denied all claims, with a total of 14 out of 16 accused reaching settlement. As part of the agreement into allegations that banks colluded in the foreign exchange market at the expense of clients, the five banks must provide ‘provide transaction data and witness interviews’.

British-Based, Standard Chartered is amongst one the five banks that have collectively agreed to pay more than $100 million to settle American legal claims relating to rigging prices, in the $5 trillion-a-day foreign exchange market.

Standard Chartered has agreed to pay $127.2m towards the total.

US investment bank Morgan Stanley was the biggest contributor, paying $50m to settle the case.

Whilst, Société General paid $17.2m and Royal Bank of Canada settled for $15.5m.

David Scott, Managing Partner at the international law firm said that the focus was on the last two remaining banks in the American case and on preparing claims in Europe.

With a significant group already formed, we are confident of bringing a material claim against banks across Europe and obtaining relief for our clients in other countries”.

Vedanta Hedging, is advising corporates and solicitors / QCs about FX derivative mis-selling and FX manipulation.

If you require any FX advice, please watch our webinar ‘The introduction to Foreign Exchange Hedging‘. Should you have any further questions please contact us.

Full Article below,