Ethan Wu, 13 July 2021
Allegations of currency-trade manipulation are bubbling up into a potential class-action suit against several big banks, according to a report from the Financial Times.
Two high-powered legal teams are jostling to bring a collective action against the banks in London courts, pursuing a US-style class-action strategy that could lead to huge payouts. Under a 2015 UK law, class-action suits can be pursued if there are suspected violations of competition law in play, according to the FT. Continue reading “Article: Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says”
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Pressure is growing on financial institutions to toughen their approach to environmental crime, with G7 leaders vowing to crack down on the illicit fund flows supporting wildlife trafficking and campaign groups warning that the activity has morphed from a conservation issue to a financial crime concern.
A currency manager, ECU Group has accused the multinational investment bank, HSBC of fraud and misconduct within its foreign exchange (forex) trading desk between 2004 and 2006. According to a report published by the Financial Times, quoting a hearing at the UK High Court on Monday, an alleged ‘rotten culture’ between such a period allowed bankers to misuse confidential data.
HSBC Holdings Plc faced accusations from an ex-client that its “rotten” traders used confidential information to make a profit, at the start of a London trial examining allegations of front running at the bank’s foreign exchange desk over 15 years ago.
The parliamentary debate was often framed by the minister and others around the narrative that Johnny Foreigner is corrupt and a threat to our values and global stability. The Minister said that 22 individuals from six countries have been sanctioned. No doubt, there are corrupt persons all around the world, but what about home grown corruption. 
Good luck finding a major bank in Europe that hasn’t breached money laundering regulations.
Negotiations between banks to create a permanent, central pot of money to refund scam victims have collapsed.
Britain’s NatWest would move its headquarters out of Scotland in the event of a vote in favour of independence, its CEO Alison Rose said, only days before parliamentary elections there.
A Cayman Islands investment fund urged the highest court for overseas British territories on Tuesday to revive its breach of contract claim against Bank of Bermuda and an HSBC subsidiary for $2 billion in damages as the result of losses from Bernie Madoff’s massive Ponzi scheme.
The silver squeeze first started making headlines more than two months ago, but the movement continues today, led by retail investors who continue to snap up physical metal.
News broke on Tuesday 16 March 2021 that the Financial Conduct Authority (the “FCA”) has started criminal proceedings against NatWest Bank (“NatWest”) for alleged offences relating to the adequacy of procedures in place to prevent money laundering.