Following the path of two other major financial institutions, Bank of America Corp. has bowed out of antitrust litigation alleging widespread manipulation in the $5 trillion-per-day foreign exchange market.
On Thursday, plaintiffs lawyers at Scott & Scott announced a settlement to resolve claims that some of Bank of America’s top traders colluded to manipulate foreign exchange rates. The deal’s value wasn’t disclosed, but Scott & Scott indicated that it mirrors prior settlements in the litigation, and would include both monetary relief and cooperation from Bank of America as the plaintiffs pursue claims against other defendants.
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