Things don’t get any better for the banks. In the queue after PPI mis-selling and interest rate swap mis-selling, LIBOR manipulation is the latest scandal over the rigging of the foreign exchange market (Forex or FX as it is known).
At the end of 2014, the Financial Conduct Authority (FCA) reported that 5 banks have been fined a total of £1.1bn. The banks were Citibank, RBS, HSBC, UBS and JP Morgan Chase.
The daily exchange market handle trillions of pounds daily. It has been shown that the banks and in some cases traders themselves manipulated the rates and made a secret profit.
The FCA has reported instances of individual events where the banks were wrongly benefitting.
Myerson advise on a wide range of bank litigation disputes including the interest rate misselling scandal, certains banks’ conduct in enforcing repayment of borrowings (including RBS’s Global Restructuring Group), LIBOR- fixing and other derivative products.