Goldman to pay $130 mln Forex Settlement

Goldman Sachs Group Inc. is expected to pay $129.5 million to settle its slice of a lawsuit accusing banks of manipulating foreign-currency rates, according to a person familiar with the matter.

A final accord may be reached in the next several weeks, the person said.

The deal would add Goldman to the list of settlements private investors have extracted from many of the world’s largest banks including J.P. Morgan Chase & Co., UBS AG and Bank of America Corp.

The lawsuit has been one of many headaches caused by banks’ foreign-exchange trading businesses. Regulators and law-enforcement officials in both the U.S. and U.K. had seized on similar accusations, extracting settlements of their own from some of the same banks.

Bank of America settled the private investors’ claims last month for $180 million. Citigroup Inc. and Barclays PLC are expected to strike deals soon, The Wall Street Journal has reported.

Source: Market Watch