Settlement Banks agree to pay $ 2 billion

Settlement Banks agree to pay $ 2 billion

Nine Banks have agreed to pay in total $ 2 billion in settlements to US investors over claims they rigged foreign exchange rates. Traders used their banks' closed chat rooms, instant messaging systems and emails to manipulate prices.

Using the kind of colourful language typical in the spate of market rigging cases involving the banks, traders assumed names such as "The Cartel," "The Bandits' Club," and "The Mafia" to communicate and place confidential orders.

The agreements, which have not been broken down into the amounts individual banks will pay, are preliminary and need to be agreed by the district judge. Currently the allocation plan and the method of informing the victims is the courts main focus.