Next Round of Lawsuits Against Banks Expected in London

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Summary: The group of banks found to be involved in manipulating the foreign-exchange market can expect the next lawsuits against them in London.

Banks involved in the manipulation of foreign-exchange markets are gearing up for the next round of lawsuits to hit them from U.S law firms filing in London after settlements have been reached in a New York court. The latest settlement was for $2 billion.

  

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Scott and Scott, a U.S based law firm that has been handling most of the cases, is now working with investors at institutions to determine what the civil damages may be. They plan on opening an office in London to deal with the potential lawsuits that could start showing up this fall.

The group of lenders that recently settled includes Barclays Plc, HSBC Holdings Plc, and Goldman Sachs Group Inc. It has been claimed that these banks manipulated the $5.3 trillion-a-day forex market. The investigations into the actions the banks took have already resulted in $10 billion in fines.

Anthony Maton at Hausfeld in London stated, “There is no doubt that anyone who traded FX in or through the London or Asian markets will have suffered significant loss as a result of the actions of the banks. Compensation for these losses will require concerted action in London.” The law firm Hausfeld  was involved in the investor suits filed in the U.S.

The manipulation of financial benchmarks affected mortgages, retirement products, cross-border money flows, and many more areas.

Source: https://bol.bna.com/u-s-law-firms-learn-to-queue-to-sue-over-fx-rigging-in-london/

Photo: bbc.co.uk