HSBC Money-Laundering Deal Relevant To Forex, Court Told

Law360 (March 17, 2020, 5:43 PM EDT) -- A $1.26 billion penalty HSBC paid for failing to flag suspicious money transfers is relevant eight years later to proposed class action allegations that major banks rigged the foreign exchange market because it shows how HSBC has repeatedly abused its size, investors told a New York federal judge.

HSBC and fellow banks including Barclays PLC and JPMorgan Chase & Co. fight to prevent or at least limit depositions regarding the deals they cut with the U.S. Department of Justice for forex rigging. At the same time HSBC also argues that its 2012 deferred prosecution agreement with the DOJ for violations of...

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