You are here

Banks brace for billions in civil claims over forex rate rigging

Section: Daily Dispatches

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. ...

... For the remainder of the report:


Free Storage with BullionStar in Singapore Until 2016

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop-shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter.

For more information, please visit Bullion Star here:

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

Or by purchasing a colorful GATA T-shirt:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: