Judge Lorna Schofield of the Southern District Court of New
York has approved the proposed settlement that sees five banks pay $111 million
for alleged FX benchmark manipulation.
The settlement, which
was first proposed in July, involves Bank of Tokyo-Mitsubishi UFG, BNP
Paribas, Morgan Stanley, Royal Bank of Canada and Standard Chartered Bank – all
five banks continue to deny wrongdoing.
The approval of the latest settlement means banks have now
paid in excess of $2.1 billion to settle claims related to the benchmark