According to a settlement proposal sent to the federal court yesterday, Barclays has agreed to pay $384 million, HSBC $285 million and RBS $255 million to settle forex manipulation suits. The claims stated that the banks manipulated the global foreign exchange market, and were part of a series of settlements that charged a total of nine global financial institutions in the alleged manipulation of the $6 trillion foreign exchange market. The settlement claims have added up to $2 billion. Similar class action lawsuits in London, Europe and other U.S. cases could follow.
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