Banking

Bank of America settles foreign exchange lawsuit for $180M

Bank of America is among other banks accused by investors of helping rig the foreign exchange market. On Wednesday, the bank disclosed that it has paid $180 million to settle the claims.
Bank of America is among other banks accused by investors of helping rig the foreign exchange market. On Wednesday, the bank disclosed that it has paid $180 million to settle the claims. Bloomberg

Bank of America said it has paid $180 million in a settlement to resolve claims it helped rig the foreign exchange market.

The Charlotte-based bank disclosed the settlement amount in a securities filing late Wednesday afternoon. The settlement itself was announced earlier this month by investors involved in the deal.

The investors – several pension and hedge funds – accused Bank of America and some other financial institutions of conspiring to manipulate benchmark trading rates in the foreign exchange market.

JPMorgan Chase & Co. and UBS AG settled the same lawsuit earlier this year, agreeing to pay $99.5 million and $135 million, respectively.

Bank of America spokesman Lawrence Grayson declined to comment.

The settlement amount is covered by existing legal reserves, Bank of America said in the filing. The settlement is subject to final court approval, according to the filing.

The settlement adds to the billions of dollars Bank of America has paid to resolve litigation since the financial crisis.

Bloomberg News contributed.

Roberts: 704-358-5248;

Twitter: @DeonERoberts

  Comments