Giant Bnp-Paribas and Exchange Rates

bank: 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, according to The Toronto Star. In addition to these very substantial financial settlements that these three settling defendants have agreed to pay, they all agreed to provide extremely valuable co-operation which will help the class achieve greater success against the remaining defendants, said Robert Gain, one of the lawyers who brought the class action on behalf of Canadian investors.A UBS spokesperson wrote that the bank is pleased to have resolved the matter. LOIC VENANCE / AFP/GETTY IMAGES file photo By Marco Chown Oved Foreign Affairs Reporter Thu., Nov. 10, 2016 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. Representatives from Bank of America and BNP-Paribas did not return requests for comment. Article Continued Below The class action includes any investor who held mutual funds that included currency contracts called FX Instruments between 2003 and 2013. The lawsuit against the remaining banks, which is the first benchmark rigging case in Canada, seeks 1 billion in compensation. (news.financializer.com). As reported in the news.