Banks agree $2bn US foreign exchange settlement

Nine banks have agreed to pay $2bn (£1.3bn) in settlements to US investors over claims they rigged foreign exchange rates, according to lawyers.

They are taking action on behalf of investors, including hedge funds and pension funds, who accuse banks of conspiring to manipulate rates.

The banks include HSBC, Barclays, BNP Paribas, Bank of America, JP Morgan, Citibank, Goldman Sachs, RBS and UBS.

Lawyer Michael Hausfeld said this was just the start.

Seven other banks are also being pursued and Mr Hausfeld added that the firm was also considering “concerted” action in London and Asia.

“While the recoveries here are tremendous, they are just the beginning,” he said.

“Investors around the world should take note of the significant recoveries secured in the United States and recognize that these settlements cover a fraction of the world’s largest financial market.”