The Traderszone Network

Published in TZ Latest News 6 November, 2014 by The TZ Newswire Staff

BofA triples third-quarter loss due to forex legal expense

Regulators are investigating allegations that dealers colluded and manipulated key reference rates in the $5.3 trillion-a-day foreign currency market, which is the world’s biggest and least regulated. Bank of America revised its results to add $400 million to its legal reserves to cover expected settlements related to foreign exchange, adding it was in advanced discussions with U.S. The bank said in a filing it was being investigated by government authorities in North America, Europe and Asia but did not disclose which regulators it was in talks with.

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