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U.K. Banks on the Lookout for Civil Claims in Forex Scandal

Aarti Maharaj | August 19, 2015

Top global banks are now facing billion-dollar civil claims in London and Asia for losses incurred from the rigging of foreign exchange (Forex) markets.  This comes after nine banks including HSBC, Deutsche Bank, the Royal Bank of Scotland, Barclays settled a £1.28 billion claim in a New York court by investors who suffered losses following the FX debacle.

Lawyers claim that this victory could lead to even more claims in London, a sign that there’s no end in sight in the FX case and it was “just the beginning”, said a Financial Times report. Financial institutions might be slapped with claims in London’s High Court as early as autumn from corporates, fund managers, local authorities, and others, the report indicated. 

The settlement in New York comes a few months after a record $5.6 billion...

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