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Banking Giants Hit With UK Suit Over Forex Rigging

Law360, London (January 11, 2019, 4:44 PM GMT) -- Hundreds of institutional investors have accused Barclays, HSBC and four other banking giants in London's High Court of conspiring to rig the foreign exchange market, seeking billions of dollars in damages for antitrust violations.

Barclays, HSBC and four other major banks allegedly plotted to manipulate forex benchmark rates and spreads, causing substantial damages to hundreds of institutional investors, it is claimed. (AP) About 350 investors, including Allianz Global Investors, Brevan Howard and PIMCO, filed the suit on Dec. 31. They allege Barclays PLC, Citigroup Inc., HSBC PLC, JPMorgan Chase & Co., Royal Bank of Scotland PLC and UBS AG plotted to manipulate forex...

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