Big banks may face a flood of lawsuits for 4 pm FX fix manipulation
Big banks may face a flood explained by professional Forex trading experts the “ForexSQ” FX trading team.
Big banks may face a flood
In a fresh batch of events, it seems that major bank troubles related to the 4pm fix manipulation investigation are just about to start. As we have reported during the past couple of weeks, major banks around the globe are being investigated by global regulators as to how they conduct trading activities surrounding the 4 pm London fixing. With HSBC (LON:HSBA) unsurprisingly joining the party of currency rate manipulation probe yesterday, some legal worries for the major banks’ coffers are getting traction.
After last week Fannie Mae filed a lawsuit regarding the libor rate manipulation scheme against 9 banks, a new set of trials is very likely to start, which will focus on London 4pm fix forex rates rigging. Following last week’s key traders suspensions, in a brand new trial, Massachusetts based benefit fund A Haverhill is suing 7 major banks – Barclays PLC ( LON:BARC ), Citigroup Inc. ( NYSE:C ), Credit Suisse Group AG ( NYSE:CS ), Deutsche Bank AG ( NYSE:DB ), JPMorgan Chase & Co. ( NYSE:JPM ), Royal Bank of Scotland Plc ( LON:RBS ) and UBS AG ( NYSE:UBS ).
Since the foreign exchange market is the most liquid market in the world, it is still difficult to comprehend as to how exactly has this scheme been conducted. Perhaps it’s interesting to note, that at this point in time no misconduct has been confirmed by regulatory authorities. Is it too early for lawsuits and conclusions?
Big banks may face a flood Conclusion
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