ML-Implode News - Banks braced for billions more in civil claims over forex rate rigging, after just paying $2bn

Barclays, Goldman Sachs, HSBC and Royal Bank of Scotland were among nine banks revealed last Friday to have agreed a $2bn settlement with thousands of investors affected by rate-rigging in a New York court case. Lawyers warned the victory opens the floodgates for an even greater number of claims in London, the largest foreign exchange trading hub in the world, in a sign that the currency manipulation scandal is far from over.
Banks could be hit as early as the autumn with claims in London's High Court from corporates, fund managers and local authorities, according to lawyers working on the cases. In addition, investors are expected to bring cases in Hong Kong and Singapore, which are also home to large foreign exchange markets.
...
"There will be more claims in London than in New York because it's a bigger forex market," said David McIlroy, a barrister at Forum Chambers. A settlement in London could amount to "tens of billions of pounds", he said... Lawyers at US firm Hausfeld who worked on the class action said the recent settlement was "just the beginning".

Relevant:

Banks braced for billions more in civil claims over forex rate rigging, after just paying $2bn