FX lawsuits to hit London in October
Due to a change in the law
London is set to become the centre of collective lawsuits against banks involved in the foreign exchange benchmark-rigging scandal in October, when a law change will make it possible for investors to seek damages collectively.
While in the US the class action lawsuit against 16 banks has reached the stage where nine of them have settled to the collective tune of more than $2 billion, no cases have yet emerged in other countries where investors have sued for damages.
New UK legislationBut, in
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