Monday, 17 August 2015

World's big banks set to be sued in London over forex rigging

From The Independent –

“The world’s biggest banks face being pursued through the UK civil courts this autumn for billions of pounds in compensation payments for the actions of its traders in rigging foreign exchange rates.

Five multinational banks – which include Britain’s Royal Bank of Scotland, Barclays and HSBC – agreed this week to pay off aggrieved investors in order to settle a class action brought in New York.

They joined four other global banks that settled earlier in the year. The total compensation pledged to investors, which are made up of hedge funds and pension funds, has now reached $2bn, according to Hausfeld, the law firm that brought the case on behalf of the investors.”

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