2 European Banks Reach $2.7M Deal In Forex Rigging Suit

Law360 (November 22, 2019, 7:10 PM EST) -- Standard Chartered Bank and Societe Generale agreed to resolve foreign exchange market rigging claims for a combined $2.7 million, according to a bid for preliminary approval filed in New York federal court by investors Friday.

The financial institutions are just two of several big banks around the world accused of participating in the alleged scheme and some of the first defendants to reach a settlement in the case, following deals with Citigroup and MUFG Bank Ltd. worth nearly $11 million in total given the green light by the court in July.

"If approved, the proposed settlements — consisting of combined cash...

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