FX rigging may have spread to 200 chat rooms, lawyer says

Section:

By Ellen Milligan
Bloomberg News
Monday, February 15, 2021

Traders may have used as many as 200 online chat rooms to rig foreign exchange rates, far more than previously thought, a lawyer for investors told a London court today.

Marie Demetriou, a lawyer for investment funds suing seven banks, said that some of the newly discovered chat rooms were instant message groups that lasted just a few hours while others were "permanent" fixtures established over months.

... Dispatch continues below ...



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The chat rooms, as well as emails, telephone calls, and WhatsApp messages will play a central role in a suit brought by investment funds. They're suing banks including Barclays, Citigroup, and JPMorgan Chase & Co. over allegations they lost money as a result of illegal manipulation of the FX market.

As a result of the disclosures, the investors are now re-pleading their case, Demetriou said. They expect that when the remainder of disclosure is given, "further chat rooms and unlawful anticompetitive communications will be identified," she said.

Citi, JPMorgan, and Barclays were among five banks that agreed in 2019 to pay European Union fines totaling 1.07 billion euros ($1.3 billion) as part of a settlement with the antitrust regulator. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-02-15/fx-rigging-may-have-s...

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