Three banks settle Canadian foreign exchange class-action

UBS, BNP-Paribas and Bank of America will pay $16 million and provide information to Canadian investors who lost money in the benchmark rigging scandal.

The lawsuit against the remaining banks, which is the first “benchmark rigging” case in Canada, seeks $1 billion in compensation.

In a case that could affect hundreds of thousands of retail investors in Canada, three major international banks accused of colluding to manipulate foreign exchange markets have settled a class action lawsuit for almost $16 million.

As part of the settlement, Swiss bank UBS, French giant BNP-Paribas, and Bank of America also pledged to provide information that could help pursue more than 40 other banks alleged to have profited from a conspiracy to push and pull foreign exchange rates for more than a decade. Read more in TheStar.com.

Globally, over US$10 billion have been assessed in fines. And there are still more cases pending.

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