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Analysis

EU Forex Rigging Case Opens The Door To Litigation Wave

Law360, London (May 17, 2019, 7:50 PM BST) -- The expansion of U.S. plaintiffs firms into Europe means that five major banks fined €1.07 billion ($1.2 billion) Thursday for rigging the multitrillion-dollar foreign exchange market may be about to face a wave of costly follow-on claims in the region.

The European Commission's decision will pave the way for civil lawsuits in the U.K. and Europe similar to claims filed against banks in the U.S. over the benchmark currency rate manipulation scandal that has cost the banking industry over $11 billion in fines since the allegations first surfaced in 2013.

“Follow-on claims based on commission findings that establish liability follow as...

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