June 29, 2015

Banks face fresh wave of litigation in the wake of rigging scandal

Traders gathered in chatroom using aliases such as “The Cartel” to rig the currency market.

Last month, Barclays, Royal Bank of Scotland (RBS) and four other financial institutions admitted wrongdoing and were ordered to pay $6billion fines by authorities in UK and America.

The fine imposed on Barclays is the single biggest penalty in British history.

It is thought the fines and an investigation from the European Commission could trigger civil litigation cases both in the UK and abroad.

Debate is raging about how many customers would have lost out as a result of the exchange rates being skewed.

In fact, some in the legal profession are already predicting that the settlements may ultimately exceed the fines handed out by regulators.

Royds act for a number of international banks, both at head office and branch level, providing advice on a range of legal matters. For more information, please contact Stewart Wilkinson or visit.

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