Barclays, RBS and HSBC agree $1bn forex fixing settlement

Banks could face legal actions in London worth billions of pounds

Barclays bank headquarters in Canary Wharf
(Image credit: CARL COURT/AFP/GettyImages)

Barclays, Royal Bank of Scotland and HSBC have agreed to pay $924m (£600m) to settle US investor claims related to the fixing of global foreign exchange markets.

The three British banking giants are among nine major international institutions which earlier this summer agreed to pay a combined $2bn in order to settle a class action lawsuit brought on behalf of institutional investors such as pension funds. Investors claim they lost out as a result of attempts by the big banks to rig the foreign exchange markets. The banks have admitted their guilt, resulting in regulatory penalties last year of around £2bn.

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