nvestors have recovered more than $2 billion in settlements with nine banks over claims of price-rigging in the foreign exchange market, and are continuing to pursue claims against seven other banks, a lawyer for the plaintiffs said Thursday.
HSBC Holdings Plc (>> HSBC Holdings plc), Barclays Plc (>> Barclays PLC), BNP Paribas SA (>> BNP PARIBAS)and Goldman Sachs Group Inc (>> Goldman Sachs Group Inc)are among the latest banks to reach settlement in the class action litigation, Christopher Burke, the lawyer, said in federal court in Manhattan.
Those banks and five others have agreed to provide “substantial cooperation” as the plaintiffs pursue claims against seven other defendants accused of manipulating prices in the $5.4 trillion-per-day foreign exchange market, Burke said.
“We look forward if necessary to litigating through trial,” Burke said in an interview after the hearing.
Michael Hausfeld, Burke’s co-counsel, called the deals “just the beginning,” saying he is being consulted about bringing cases overseas regarding conduct in the larger Asian and European markets.
Both lawyers declined to say much each bank would pay. Goldman Sachs will pay $129.5 million, a person familiar with the matter said.
The Wall Street Journal in June reported that HSBC would pay $285 million while Barclays would pay $375 million. Those numbers remain unconfirmed, and the banks on Thursday either declined comment or did not respond to requests for comment.
The plaintiffs previously announced $808.5 million settlements with four banks, while Royal Bank of Scotland Group Plc (>> Royal Bank of Scotland Group plc) in May disclosed reaching a deal without announcing the terms.