Banks Can Argue Funds Passed On UK Forex Rigging Losses
Christopher Crosby, 25 February 2021
Institutional investors suing some of the world’s largest banks for manipulating the foreign exchange market will have to prove their losses were not passed on to others after a London court ruled on Thursday that the issue has to be determined at trial.
Nigel Teare, sitting as a judge at the High Court, refused to knock down the legal defense raised by Barclays, CitiBank, HSBC and other lenders to fight claims for damages for allegedly manipulating benchmark rates in the forex market.. Continue reading “Article: Banks Can Argue Funds Passed On UK Forex Rigging Losses”
On Monday, I reported that Markus Braun, the billionaire CEO of online payments company Wirecard, faced serious allegations over the company’s rapid growth and questionable business practices. Specifically, regulators and investors were concerned over claims that the FinTech company purported to have $2 billion dollars in a couple of Philippine banks. Investigations conducted by an outside auditor revealed that the money wasn’t there and possibly never existed. 