Long Fight Awaits HSBC After Forex-Rigging Trial Splits

Law360, London (January 28, 2020, 4:57 PM GMT) -- HSBC faces years of litigation for allegedly manipulating foreign exchange markets after a judge decided on Tuesday to determine whether the lender is responsible for damaging a currency company’s business before calculating how much money may be on the line.

Judge Clare Moulder granted ECU Group PLC’s request to split its upcoming High Court trial against the lender into two separate proceedings to determine the extent of HSBC’s liability before assessing what it could owe.

ECU managed its clients’ debts by placing orders with HSBC to buy or sell currencies when prices, such as the cost of buying euros in Canadian...

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