Standard Chartered and SocGen among banks in FX suit

Standard Chartered Shanghai Towers

Standard Chartered and Societe Generale are among four banks added to a suit by investors claiming banks manipulated the $5.3tril a day foreign-exchange market.

Bloomberg News reports that the investors filed a revised complaint Friday in which they broadened their claims against the 16 banks named as members of a conspiracy among traders who used computer chat rooms with names including 'The Cartel', 'The Mafia' and 'The Bandits’ Club' to illegally coordinate their actions.

The suit was filed by individuals, institutional investors and hedge funds that took part in foreign exchange swaps, futures, options and spot transactions from 2003 to 2013. Bank of Tokyo-Mitsubishi UFJ and RBC Capital Markets were also added to the case.

Lawyers for the customers told the judge overseeing the suit in a filing July 16 that settlements with other defendants in the case remain undisclosed. Michael Hausfeld, a lawyer for the investors, said in an interview the next day that additional settlements with HSBC, Barclays, Goldman Sachs and BNP Paribas could be announced soon.

To access the complete Bloomberg News article hit the link below:

Standard Chartered, Societe Generale Added to Forex Lawsuit

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