UK banks could face up to $7.8bn in additional legal bills

UK banks could be facing additional legal bills of as much as £5bn ($7.83bn) as private investors look to launch legal action relating to allegations of foreign exchange rate manipulation, according to senior lawyers who have run successful lawsuits in the US and hope to do the same in London.

The Daily Telegraph reports that individual companies could be planning to lodge claims for tens of millions of pounds each, and David Scott, managing partner at Scott and Scott, one of the law firms which has headed the legal action in the US, said he has been inundated with queries from potential claimants in Europe.

'We’ve been speaking with a tremendous number of institutional clients, many of whom are in the UK. They want us to help them pursue claims', said Mr Scott. Those include pension funds, hedge funds and non-financial companies, who trade foreign exchange to support their overseas units or to bring back profits from abroad.

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UK banks face £5bn lawsuit over forex claims

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