HSBC Holdings (HSBC) and UBS Group AG (UBS - Get Report) have both settled litigation related to an investigation into rate-rigging of the $483 trillion derivatives market, each agreeing to pay $14 million in fines.
The preliminary settlements, which still require the approval of a judge, were disclosed in the U.S. District Court in Manhattan Tuesday, according to Reuters.
Total fines stemming from the investigation now total about $408 million paid by several banks who were also involved in the scheme.
All of the eight previous settlements received approval, including $56.5 million from Goldman Sachs Group Inc (GS - Get Report) and $52 million from JPMorgan Chase & Co (JPM - Get Report) , Reuters reported.
What's Hot On TheStreet
The watch was made in conjunction with Alphabet's (GOOGL - Get Report) Google and Qualcomm Technology (QCOM - Get Report) and starts at a lofty $2,450. It works with both Apple and Android devices, and is the first Android Wear smartwatch that functions in China.
Yes, it's Amazon Prime Day: Although many probably have Amazon (AMZN - Get Report) Prime Day fatigue right now, that doesn't mean they won't be spending aggressively on big digital deals. Amazon stands to ring up more than $2 billion in sales worldwide during the 30-hour sale known as Prime Day, Internet Retailer predicts. The gain would mark about a 21% increase from a year ago. U.S. sales alone are pegged at $1.56 billion, up 20% from last year, TheStreet reports.
Bitcoin has crashed: Traders that have rode the wave higher in Bitcoin via cryptocurrency plays such as Advanced Micro Devices (AMD - Get Report) and Nvidia (NVDA - Get Report) may want to reconsider their bullishness. Bitcoin prices entered into bear market territory Tuesday, TheStreet reports, as an embarrassing legal case kicked off in Japan and experts continue to squabble over key changes to the cryptocurrency's infrastructure.
Bye-bye regulations: President Trump late Monday nominated former Treasury official Randal Quarles as the Federal Reserve's top bank supervisor. As TheStreet's Ron Orol reports, the nomination could lead the way to a dismantling of many Obama Administration bank regulations and is one that is expected to send a positive signal for now to big and regional bank stocks. Orol points out that the appointment could boost bank stocks such as Bank of America (BAC - Get Report) , Wells Fargo (WFC - Get Report) , Citigroup (C - Get Report) and Goldman Sachs (GS - Get Report) in the near-term.
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