WSJ: Citigroup, Barclays Nearing $800M Settlement On Private Forex Lawsuit
Market manipulation, broadly understood, poisons our marketplace through its many disguises. Exchange rate manipulation is particularly devious, corrupting benchmarks relied upon by a variety of market participants. The rate rigging involved with Forex laid bare several A-list wall street banks and the culture of corruption that has become commonplace. JP Morgan, Citigroup, Barclays, UBS and others all participated in this global manipulation scheme to enrich themselves unlawfully. The CFTC, OCC, and agencies in the U.K. and Switzerland together investigated and exposed this behavior. Whistleblowers with the SEC and CFTC will likely be responsible for exposing the next iteration of rate rigging financial fraud.
— Shayne Stevenson
"The private forex lawsuit was filed by private investors in the U.S. and the Caribbean, including pension funds and other investment firms, in late 2013. The lawsuit accuses traders at a dozen banks of improperly sharing confidential information about their clients' orders via electronic chat rooms, then using that information to make money at the expense of their clients." Full article »
