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Banks brace for billions in civil claims over forex rate rigging
By Emma Dunkley and Lindsay Fortado
Financial Times, London
Monday, August 17, 2015
Global banks are facing billions of pounds-worth of civil claims in London and Asia over the rigging of currency markets, following a landmark legal settlement in New York.
Barclays, Goldman Sachs, HSBC, and Royal Bank of Scotland were among nine banks revealed last Friday to have agreed to a $2 billion settlement with thousands of investors affected by rate-rigging in a New York court case.
Lawyers warned the victory opens the floodgates for an even greater number of claims in London, the largest foreign-exchange trading hub in the world, in a sign that the currency manipulation scandal is far from over.
Banks could be hit as early as the autumn with claims in London's High Court from corporates, fund managers, and local authorities, according to lawyers working on the cases.
In addition, investors are expected to bring cases in Hong Kong and Singapore, which are also home to large foreign exchange markets. ...
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