Five banks face civil lawsuit in London over forex dealing

Section:

By Eva Szalay and Jane Croft
Financial Times, London
Monday, July 29, 2019

The European version of a class-action lawsuit that resulted in $2.3 billion of settlements in the United States is being filed in London today, as lawyers move to bring a civil case against five banks claiming that dealers manipulated foreign exchange markets and caused investors significant losses on currency trades.

The civil case comes after European competition authorities fined Barclays, Citigroup, Royal Bank of Scotland, JPMorgan, and Japan's MUFG a combined total of more than E1 billion in May for manipulating currency rates, after a five-year probe. Allegations about various banks colluding to fix currency benchmarks and exchange rates surfaced in 2013 and have since resulted in more than $12 billion of fines from global regulators.

... Dispatch continues below ...



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Glint Completes L5 Million Private Placement
and Welcomes Sprott as Strategic Investor

Company Announcement
Thursday, June 13, 2019

Glint Pay Inc. (glintpay.com), the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announced the completion of a private placement of L5 Million in London-based parent Glint Pay Ltd. The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments with approximately $8 billion in assets under management.

Founded in the United Kingdom in 2016, Glint established the first app-based account in February 2018 giving clients in Europe a low-cost way to buy, sell, and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere Mastercard is accepted. Glint Pay then added multiple currency wallets, including U.S. dollars, British pounds, and euros in July 2018. The company is working on its launch into the United States. ...

... For the remainder of the announcement:

https://glintpay.com/en_us/glint-en_us/glint-completes-5-million-private...



The lawsuit, which is likely to seek billions from the banks and is being brought by the same legal firm that led the U.S. class-action case, Scott + Scott, is one of the few large court cases to have been brought under the Consumer Rights Act 2015 that allows U.S.-style, class-action lawsuits to be pursued if there have been breaches of competition law. ...

... For the remainder of the report:

https://www.ft.com/content/0e67c69e-af99-11e9-8030-530adfa879c2

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