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Morgan Stanley, RBC, others settle currency rigging lawsuit in U.S.

July 28, 2017 By Jonathan Stempel NEW YORK (Reuters) – Morgan Stanley , 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 prices in the roughly $5 trillion-a-day foreign exchange market. The preliminary settlements were detailed in filings late Friday in the U.S. District Court in Manhattan, and require a judge’s approval. Fourteen of the 16 banks that were sued have settled, for a total payout of $2.12 billion, court papers show. Friday’s settlements include $50…

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America Corp Business Money RBC Royal Bank Top News 

Bank of America prime brokerage executive jumps to RBC

June 14, 2017 By Lawrence Delevingne NEW YORK (Reuters) – Jonathan Yalmokas has resigned as Bank of America Corp’s head of prime brokerage in the Americas to lead an equity financing business at Royal Bank of Canada, a person familiar with the move said on Wednesday. Yalmokas will start at RBC’s New York office in September in a bid to expand its financing business for investment managers, according to the person, who was not authorized to discuss the information publicly. RBC spokeswoman Hannah Sloane confirmed on Wednesday that Yalmokas would…

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Justice Dept. halts settlements funding outside groups

June 7, 2017 By Karen Freifeld and David Shepardson NEW YORK/WASHINGTON (Reuters) – The U.S. Justice Department on Wednesday said it is barring legal settlements in federal investigations that include donating funds to community organizations or other third-party groups, rather than to those directly harmed by the wrongdoing or involved in the cases. U.S. Attorney General Jeff Sessions, announcing a change that could impact banks and other corporations, said in a statement that settlement payments must be directed to victims impacted by the defendants’ actions and then to the federal…

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