Barclays faces FX lawsuit

A New York-based investment adviser filed a class action lawsuit against Barclays on Friday alleging that rigged foreign exchange trading practices at the bank caused "significant damages" to its trading partners.

Reuters reports that the suit by Axiom Investment Advisors, filed in a Manhattan federal court, follows a pact on November 18 in which Barclays agreed to pay New York State's financial regulator an additional $150m to settle allegations stemming from allegations about the bank's forex practices.

Barclays, in some instances, used a feature called “Last Look” on its forex trading platform to automatically reject client orders that would be unprofitable for Barclays because of price swings in milliseconds-long hold periods the bank imposed after trades were placed, the New York Department of Financial Services (NYDFS) has said.

To access the complete Reuters article hit the link below:

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