NEW YORK (Reuters) – Morgan Stanley ( MS.N ), Royal Bank of Canada ( ) and three other banks agreed to pay a combined $111.2 million to settle U.S. litigation accusing them of rigging costs in the roughly $5 trillion-a-day overseas change market.

That was positive but having the criminal cost pending and already authorized by a decide is the stick it is advisable to actually receives a commission. Class actions let plaintiffs pursue claims in teams and probably acquire bigger recoveries than if they had been pressured to sue individually, which can prove too costly. This whole occasion has been a PR nightmare for the town, and for cops everywhere, so I’m sure some guys in suits are pressing for a settlement, to put an finish to the parade of news tales and commentary. In addition, Jefferies analyst Alexander Laurence stated the legal responsibility was $300 million beneath Wall …