Forex-rigging victims offered share in $2bn damages fund


Numbers of people fooled by foreign exchange markets scam may be contacted about having a share in an overall compensation of $2 billion.

The ways of compensating the victims of forex rigging were filed by a law firm, now waiting for approval.

If the case is won, Scott+Scott will contact all the investors who lost money due to the illegal manipulations. They will receive letters and special notes through media articles that will be published in February of the next year.


Among the banks that are preparing to pay out the fine, there are Barclays (agreed to pay $384 million), HSBC ($285 million), and Royal Bank of Scotland ($255 million). These penalties are paid separately from the fines that were already paid out, as the whole set of penalties is over $10 billion.

As London is the centre of currency trading for half the world, the further, bigger claims are expected to start.

Scott+Scott also wants to start the same class action to compensate the losses due to the forex manipulations in the UK. Other law firms involved in the US case may also decide to take action in London.

Other banks that have settled in the compensation case in the US are Goldman Sachs, BNP Paribas, Bank of America, JP Morgan, Citibank and UBS.

The banks managed to reduce the total settlement by agreeing to co-operate in a US case against seven further banks that have not settled.

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