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Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging
Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies.
Swiss bank UBS was exempted from a 285 million euro fine since it alerted the existence of two cartels to the European Commission.
A similar case with the U.S. regulators is ongoing where Barclays, BNP Paribas, Citigroup, J.P. Morgan, Royal Bank of Scotland and UBS have entered related guilty pleas, and been collectively fined more than $2.8 billion.
Barclays, RBS and other banks face £1bn forex rigging lawsuit
Barclays, RBS and three other banks are being sued by investors for at least £1 billion over rigging of the foreign exchange market in a test case for US-style class actions in the UK, according to The Guardian. Barclays has been one of the banks subjected to the lawsuit A US law firm that specialises in stock market litigation has filed the claim at the Competition Appeal Tribunal. The claim also targets US investment banks JP Morgan and Citigroup, and Switzerland’s UBS. The legal action follows the European commission’s decision in May to fine five banks more than €1 billion (£910 million) for colluding to reduce competition in markets for 11 currencies, including the US dollar, the euro and the pound. Cartels of traders with names such as the ‘Three-Way Banana Split’ operated on chatrooms to rig the multi-trillion-dollar foreign exchange market. UBS, which informed the commission about the collusion, was not fined but Japan’s MUFG received a penalty. Scott + Scott, the law firm representing the investors, said Barclays, RBS, JP Morgan, Citi and UBS had been fined more than $8.5 billion by regulators globally over foreign exchange manipulation. The firm secured more than $2.3 billion compensation in a US class action suit from banks including Barclays, RBS, UBS and Deutsche Bank. The claim, led by Michael O’Higgins, the former chair of the Pensions Regulator, seeks compensation for investors and companies allegedly damaged by the banks’ actions. O’Higgins has instructed Scott + Scott to carry out work on the case. “Just as compensation has been won in the US, our legal action in the UK will seek to return hundreds of millions of pounds to pension funds and other corporates who were targeted by the cartel,” O’Higgins tells The Guardian. Under a class action a judge rules that all similar claimants will be included in the same claim, reducing litigation costs and sharing damages between claimants who might not have been able to afford to bring their own case. Until the 2015 law change, English law allowed opt-in collective actions, which made assembling a claim far more difficult and costly. The new regime has so far failed to get off the ground because of disagreements about the eligibility of claims. The value of the claim against the banks will depend on the number of foreign exchange trades carried out in London for UK-based operations and is likely to exceed £1 billion, notes O’Higgins. * More Details Here
Barclays, JP Morgan among banks facing UK class action over forex-rigging
This is the best tl;dr I could make, original reduced by 61%. (I'm a bot)
LONDON - Barclays, JP Morgan, RBS, UBS and Citigroup are being sued by investors over allegations they rigged the global foreign exchange market, in a test of U.S.-style class actions in Britain. Litigators have long hoped to replicate in Britain the success of U.S. class action claims against banks, including Goldman Sachs, HSBC and Barclays, that have resulted $2.3 billion in settlements for big investors. In May the European Union fined five banks a combined 1.07 billion euros for forex rigging through cartels of traders known as "Essex Express" and "Three Way Banana Split". O'Higgins told Reuters the total value of the claim would depend on the number of forex trades executed in London for UK-domiciled units - which will be automatically included in the action - and the proportional impact of rate rigging on these. CLASS ACTION TEST. The "Massive" action is a "Perfect" case to be brought as a so-called opt-out collective class action for breaches of UK or European Union competition law, David Scott told Reuters. This wrangling has already delayed other class actions and some law firms have chosen a different legal route for offering pension funds, asset managers and other institutional investors the chance to hold banks to account.
Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of $1.2 billion by EU regulators for rigging the forex market. Zimbabwe National Chamber of Commerce (ZNCC) president Dr Tinashe Manzungu said he did not understand why there were suggestions of rigging the exchange rate. “The rate is a weighted average of accepted and allotted bids and our members are confirming that they are getting forex at rates that they put in their bids and we don’t understand ... Currency rigging definition Currency price rigging or price-fixing or collusion is a very rare and illegal action of a market manipulation that occurs when parties conspire to fix or inflate currency prices to achieve higher profits at the expense of the consumer. How forex rigging takes place The foreign exchange market is not easy to manipulate. But it is still possible for traders to change the value of a currency in order to make a profit. While the very size of the forex market should preclude the possibility of anyone rigging or artificially fixing currency rates, a growing scandal suggests otherwise. (See also " Forex Trading: A ...
Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Originally published on 21 May, 2015 Sign up for a free trial of News Direct's animated news graphics at http://newsdirect.nma.com.tw/Reuters.aspx -----... Intellidex chairman Stuart Theobald explains who would have lost out in the alleged forex rigging between a number of local and international banks. Forex Investors Alliance is introducing the most Advanced Forex Academy to exist! All the services we offer have been combined into an extremely affordable m... Barclays is one company that will have to open up its wallet a little wider this holiday season and Nouriel Roubini said the terrorist attacks in Paris could end up boosting the eurozone economy ...