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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Libor fixing scandal: Raft of criminal and civil cases to follow Tom Hayes conviction

From International Business Times –

“Bankers who have bent the City's rulebooks should think about seeking legal advice in the wake of the trial of former Libor trader Tom Hayes, legal experts have said.

Hayes's defence, that he was simply one of several rate-riggers, may now lead to a raft of law cases being brought.

Jeremy Rosenberg, a City barrister expert in criminal law, told IBTimes UK: "I have it on good authority there are 10 more prosecutions to proceed after Tom Hayes, and one is listed in January of next year – I don't know if it's one person or many defendants.”

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Developments From Across the Pond

From FCPA Professor –

“The SFO Loses Another Bribery Trial

It is one thing for a law enforcement agency to allege a crime.

It is quite another for a law enforcement agency to prove a crime to someone other than itself.

In legal systems based on the rule of law, the later matters more than the former; however it seems that more attention is paid to the former rather than the later.’

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