Sunday , October 2 2022

16 billion dollars compensation to 16 major banks


Global fund managers argued that the international banks, including Deutsche Bank, one of Germany's largest banks, demanded a compensation of $ billion due to manipulation in currency transactions.

Billion exceeds DOLLAR

According to the news in the German economic newspaper Handelsblatt, the sum was submitted to the 7 November meeting in Manhattan District Court in New York City against 16 international banks over one billion dollars.

Major fund managers such as BlackRock and Allianz, Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Japan's MUFG Bank, Royal Bank of Canada, Royal Bank Scotland, Societe Generale is located in Standard Chartered and UBS.


Investment investors accuse banks to manipulate exchange rates and violate US antitrust laws, secretly sharing their trade orders and positions with currency transactions between 2003 and 2013.

The banks had to pay billions of dollars in terms of crime and reconciliation costs due to conciliation agreements that they made as a result of investigations and legal issues that were previously submitted for the same reasons.

In addition, certain authorities that conducted foreign currency transactions of banks to prison or excluded from the profession were convicted.

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