Banks that have been the focus of class action litigation in the United States alleging manipulation of the foreign exchange markets saw the first suit alleging similar claims filed last month in Canada. The banks are accused of fixing prices in the $5.3 trillion daily foreign exchange market by agreeing to widen the difference between the prices at which they buy and sell currency, manipulating benchmark rates, and exchanging confidential customer information in an effort to trigger client stop-loss and limit orders, according to court records.
Specifically, the Plaintiffs allege that from as early as 2003 and through 2013, the banks used multiple online chat rooms – with names like “The Cartel,” “The Bandits’ Club” and “The Mafia” – to communicate in code to avoid detection. The Defendants include Royal Bank of Canada, Bank of America, The Bank of Tokyo Mitsubishi, Barclays Bank, BNP Paribas Group, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Royal Bank of Scotland, Societe Generale, Standard Chartered and UBS. As we have reported, similar allegations were brought in the United States and have resulted in settlements totaling nearly $2 billion in the past year.
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