Citigroup, MUFG Settle Forex Rigging Claims for $11 Million

Citigroup Inc. and MUFG Bank Ltd. have agreed to pay nearly $11 million to settle a lawsuit accusing them of participating in a conspiracy by the world’s top banks to rig foreign currency exchange rates.

Citi will pay $9.95 million, and MUFG $985,000, to resolve the claims against them, according to their May 29 motion seeking preliminary approval from Judge Lorna Schofield of the Southern District of New York. They have also promised to cooperate with the proposed class action, which still involves dozens of U.S. and international banking giants.

“The pledged cooperation is particularly valuable at this early stage ...