Chase Considers Legal Action Against Former FX Trader
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NEW YORK--Chase Manhattan Bank announced last week that it has fired a senior currency trader and will restate its Q4 trading result by $60 million, following the discovery of suspicious activity in its New York dealing room.
The US bank is currently considering legal action against the former employee, who had been over-reporting his trading gains for more than a year. The revaluation will be necessary because of repeated miscalculations in the value of forward FX contracts.
Officials in Chase's
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