Reports have indicated that Barclays agreed to pay £250M, HSBC £185M and RBS £165M. French bank BNP Paribas and Goldman Sachs have agreed to pay £161M between them.
The payments follow a ruling in May that saw many major banks admit rigging foreign exchange markets to US and UK regulators.
The law firm that brought the action against the banks in the US has indicated it may now repeat the process in Europe. Further lengthy legal discussions are now likely over here.