Bank of America investors say they've settled a lawsuit accusing the company of rigging prices in the foreign-exchange market.
The investors, several pension and hedge funds, didn't reveal how much the bank would pay in a statement Thursday by their law firm, Scott & Scott, announcing the deal. JPMorgan Chase & Co. and UBS AG settled the same lawsuit earlier this year, agreeing to pay $99.5 million and $135 million, respectively.
The settlement couldn't be immediately confirmed with the Manhattan federal court where the class-action suit was filed two years ago. A bid to dismiss the case was denied in January.
Lawrence Grayson, a spokesman for the Charlotte, North Carolina-based bank, declined to comment.
The investors said financial institutions conspired since 2003 to manipulate benchmark trading rates in the $5.4 trillion- a-day foreign exchange market.
Allegations of rigging have triggered regulatory probes around the globe. Just a month ago, Bank of New York Mellon Corp. agreed to pay $714 million to settle U.S. and New York state allegations that it defrauded clients in foreign-exchange transactions for as long as a decade.
Bank of America agreed to help the investors in their lawsuits against other financial institutions, according to the statement.
"The agreement ensures crucial cooperation that will assist victims in obtaining additional monetary relief from other financial institutions that took advantage of their clients," said Christopher Burke, a lawyer for the investors.
The remaining defendants include Barclays Plc, BNP Paribas SA, Citigroup Inc., Credit Suisse Group AG, Deutsche Bank AG and Goldman Sachs Group Inc., the law firm said.
The case is In re Foreign Exchange Benchmark Rates Antitrust Litigation, 1:13-cv-7789, U.S. District Court, Southern District of New York (Manhattan).
