Foreign Exchange Rate Markets Manipulation
By 2015, six global banks had been collectively fined in excess of £2.5 billion by UK and US regulators for attempted manipulation of foreign exchange rates (“Forex”).
The Financial Conduct Authority (“FCA”) concluded that in the cases of three UK high street Banks, Forex manipulation had occurred for several years, from January 2008 to October 2013.
Forex traders at the banks had colluded their trading, disclosing confidential customer order information and trading positions to one another. This enabled the banks to alter their positions and benefit financially at the expense of their customers.
The adverse findings of the FCA provide useful evidence to support claims against the banks.
Do you have a claim?
Forex market manipulation can cause small movements in benchmark Forex rates. Businesses who regularly trade in foreign currency, such as pension funds or asset managers, may therefore have suffered substantial losses over time as a result of Forex rate manipulation.
Businesses with financial products that reference, and are linked to, these manipulated benchmark rates may also suffer significant losses which can be recovered. We can assist you with recovering those losses and potentially rescinding your original transaction.
How we can help
Our dedicated banking and finance lawyers have specialist knowledge and experience that enables us to provide you with clear advice and strategy.
We have recovered in excess of £30 million for clients across a range of banking and finance disputes.
If you feel you may have fallen victim to manipulation of Forex rates, or have an agreement with a bank linked to Forex rates contact us.