British banks face accusations of forex manipulation
Banks in the United Kingdom may face court action over accusations that they have been manipulating foreign exchange rate.
Companies from pension funds to international manufacturers are reportedly probing the possibility of making claims for damages arising from the banks’ forex rates manipulation.
Individual companies could be planning to lodge claims for tens of millions of pounds each, a Telegraph report says.
Lawyers believe the claims for damages could come in as high as $8bn, or £5bn.
Half a dozen banks in the UK have previously been fined by regulators for attempting to manipulate forex benchmarks, the price of currencies at a fixed point in the day against which many trades are carried out, the report added.
Now economist Marco Pietropoli says such behavior causes serious concern for people as the banks have been manipulating not only the foreign exchange but also the markets.
He also said that certain procedures were needed so that bankers could be held accountable for using different money instruments for their gains.
According to legal papers released by the US Department of Justice, British banks have been involved in corrupt transactions linked to FIFA.
This is not the first time UK banks have been hit by a corruption scandal. Back in May, Barclays and HSBC were named in papers by the US Justice Department over their reported involvement in corrupt transactions linked to FIFA, the world football association.
Their suspected transactions included the transfer of £320,000 to the account of a luxury yacht manufacturer in London, and the payment of £130,000 from a branch of Barclays in New York to an account in the offshore tax haven the Cayman Islands.
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