18th Aug 2015 05:32
LONDON (Alliance News) - A number of global banks are facing billions of pounds worth of civil claims in London and Asia over the rigging of currency markets, following the USD2 billion settlement reached in in the US on Friday, the Financial Times reports.
Barclays PLC, HSBC Holdings PLC and The Royal Bank of Scotland Group PLC were among nine banks which on Friday reached a USD2 billion settlement with thousands of investors impacted by the rate-rigging who brought a civil case against the banks in New York.
Lawyers have warned the US settlement could open the floodgates for an even higher number of claims in London, the world's largest foreign exchange trading hub. Banks potentially will be hit as early as the autumn, with claims already entered with London's High Court from corporate, fund manager and local authority claimants.
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By Sam Unsted; [email protected]; @SamUAtAlliance
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