Barclays Pays $50M To Settle NY Forex Rigging Claims

Law360, New York (February 18, 2016, 10:59 AM EST) -- Barclays PLC has agreed to pay $50 million to settle claims that it misused a system intended to block stale foreign exchange prices as a way to boost the bank's profits while hurting clients, according to court documents filed Wednesday in New York federal court.

Along with the cash payout, Barclays has also agreed to provide information that the plaintiff, Axiom Investment Advisors LLC, believes will help pursue similar claims against other banks that engaged in similar so-called "Last Look" practices.

Such practices involved putting holds on foreign exchange orders that lasted milliseconds but represented "an eternity in the FX market," and...

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