FX settlements strengthen civil law suit in US
Lawyers representing the plaintiff class are encouraged by bank settlements
The financial settlement between banks and regulators regarding alleged foreign exchange misconduct surrounding the WM/Reuters 4pm benchmark is set to strengthen a class action lawsuit against banks, which is still in the initial stages of court proceedings in New York.
Legal representatives for the plaintiff say their case is likely to be reinforced by fines worth more than $3 billion – to be paid by Citi, HSBC, JP Morgan, Royal Bank of Scotland and UBS – as banks admit liability to regulators
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