Barclays, HSBC and RBS Hit by Another Forex Manipulation Verdict

In the aftermath of official fines imposed by major financial regulators, the stream of litigation against major banks seems unending. The latest batch of fines comes after a settlement agreement between the banks and a number of multi-national corporations, hedge funds and pension funds represented by international law firm Scott + Scott.

The top three British banks, Barclays, HSBC and Royal Bank of Scotland (RBS) have agreed to pay over $900 million, while French BNP Paribas and Goldman Sachs agreed to pay $249 million between them.

According to the settlement proposal sent to the federal court for approval, Barclays has agreed to pay $384 million, HSBC $285 million and RBS $255 million. The financial institutions face more litigation in the coming months and possibly years as Scott + Scott plans to bring its successful effort to European courts.

Another litigation which could substantially disrupt the business of major financial institutions is the criminal action being prepared by the Serious Fraud Office in the U.K.

Representing the interests of Russian commodities mogul, who now owns Chelsea F.C., Roman Abramovich, the same law firm has filed a case against the very same trio of British lenders.

Back in August, a number of major banks were hit by a $2 billion fine from another litigation process led by Hausfeld. With Scott + Scott following suit, the bill for Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term manipulation continues to grow briskly.

This year’s Finance Magnates' London Summit will deliver to all industry insiders attending the event an exclusive look into the forex fixing scandal a year after the first reports about regulatory fines. With the financial consequences remaining uncertain, and with further litigation in Europe and possibly in Asia around the corner, the bill could continue growing exponentially.