-
NY class action opens door to billion dollar FX rigging claims
A $2 billion court settlement agreed by a roll call of leading banking giants in New York has opened the flood gates to a global wave of civil actions over the industry’s manipulation of prices. Barclays, Goldman Sachs, HSBC and Royal Bank of Scotland were among the nine institutions which agreed to compensate small investors over losses due to price manipulation. The agreement is expected to be the opening act to a series of further multi-billion dollar suits expected to be filed in London and major Asian FX trading hubs later this year, and follows a record round of $5.6 billion (£3.59 billion) regulatory fines ... (full story)