Five more banks have formally filed to
settle US civil litigation cases brought against them, collectively paying just
under $1.2 billion. The settlements were
initially proposed in July.
Barclays has agreed to pay $384 million,
HSBC $285 million, Royal Bank of Scotland $255 million, Goldman Sachs $135
million and BNP Paribas $115 million. These settlements comes after JP Morgan, UBS, Bank of America and Citi had settled for $99.5
million, $135 million, $180 million and $394 million respectively earlier this
First reported by Sky
News in the UK, the settlements were agreed in a US Federal Court hearing.
“We look forward to
presenting these momentous settlement agreements to the Federal Court for
approval, “David Scott, managing partner of Scott + Scott, the law firm that
brought the action says in a statement. “But our work is far from done.”
Indeed in a warning to
the banks, Scott adds the firm, “is gearing up to bring the action to Europe”.
Profit & Loss sources have previously referred to approaches
by law firms seeking to bring a class action in European courts. Unlike in the US
where litigants can join a class action after it has started in Europe all
parties have to be named before the action begins.”
Colin_lambert@profit-loss.com Twitter @lamboPnL