GOLDMAN SACHS EXPECTED TO SETTLE FOREX SUIT FOR ALMOST $130 MILLION: WSJ

Goldman Sachs Group Inc is expected to pay $129.5 million to settle its portion of a lawsuit that accuses banks of rigging prices in the foreign exchange market, The Wall Street Journal reported, citing a person familiar with the matter.

The Journal said in its report that a final agreement may be reached in the next several weeks.

The lawsuit accused traders at a dozen banks of improperly sharing confidential information about their clients’ orders through electronic chat rooms, then using that information to make money at the expense of their clients.

In April, Bank of America Corp had agreed to pay $180 million to settle the lawsuit. JPMorgan Chase & Co settled for $99.5 million in January, and Switzerland’s UBS AG settled for $135 million in March.

Goldman Sachs was not available for comment outside regular U.S. business hours.

Source: http://www.reuters.com/

Categories: Banking

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