The House of Jenkins is about to dig into its forexgate rainy-day fund—and the good news is it will probably still have a few hundred million dollars left in it. The bad news is the upcoming settlement will leave said fund even more hundreds of millions of dollars short of the $1 billion Eric Holder (yep, it’s still Eric Holder) wants, to say nothing of whatever it’ll have to pay the FCA, CFTC, New York DFL or any other acronym that might want a piece of this action.
Citigroup Inc. and Barclays PLC are expected to pay as much as $800 million combined to settle a lawsuit with investors who say the banks manipulated foreign-exchange rates, according to people close to the situation….
The payments from New York-based Citigroup and London-based Barclays are likely to be more than double those made by J.P. Morgan Chase & Co. and UBS AG, which have already settled their parts of the same suit. How much Citigroup or Barclays would pay individually couldn’t be determined.