RBS, Barclays, HSBC, Goldman: White Collar Criminals In Rigged Foreign Exchange Scandal Must Face Jail Time, Say UK Experts
Financial penalties expected to hit British banks for Forex
rigging will do little to tackle financial crime in the City of London
as regulators continue to prioritize high finance over ordinary
citizens, experts warn.
British banks could be fined billions in coming months as investors
pursue them for rigging foreign exchange (Forex) rates, following a
landmark US settlement on Friday.
RBS, Barclays, HSBC and Goldman Sachs were among nine global banks
that agreed to the £1.3 billion (US$2 billion) settlement with irate
investors who had been affected by the market manipulation.
The New York case is expected to unleash a further flood of claims in
London, the largest foreign exchange trading hub in the world. Lawyers
say the UK settlements could total tens of billions of pounds.
A court case in New York could leave global banks
facing billions of pounds-worth of civil claims in London and Asia over
forex rate rigging— Letter of the Law (@Letter_oftheLaw) August 18, 2015
