UK: Barclays, RBS and other banks face £1B forex rigging suit

UK: Barclays, RBS and other banks face £1B forex rigging suit

Barclays, Royal Bank of Scotland, and three other banks are being sued by investors for at least £1 billion (US$1.2 billion) over rigging of the foreign exchange market in a test case for US-style class actions in the UK. A US law firm that specialises in stock market litigation has filed the claim at the […]

Switzerland: Regulator fines banks for fixing forex trading

Switzerland: Regulator fines banks for fixing forex trading

Five banks have been fined a total of 90 million Swiss francs (US$90.9 million) for colluding to rig the foreign exchange market, Switzerland’s competition authority announced on Thursday, June 6. The fines are the latest fall out from a scam which led to them being fined €1.07 billion (US$1.20 billion) last month by the European […]

EU: RBS one of eight banks in bond cartel probe

EU: RBS one of eight banks in bond cartel probe

Royal Bank of Scotland is one of eight banks being probed by European authorities for its possible role in a euro bond trading cartel, Bloomberg reported on Thursday citing a source. The European Commission said in January it was investigating the unidentified banks for a scheme that distorted sovereign bond trading markets from 2007 to […]

Saudi Arabia: HSBC, RBS Saudi ventures in talks to form $78Bn bank

Saudi Arabia: HSBC, RBS Saudi ventures in talks to form $78Bn bank

A combination of the Saudi Arabian ventures of HSBC and Royal Bank of Scotland will break an almost 20-year drought for mergers and acquisitions in the country’s banking industry that may spur more deals across the kingdom. The potential merger of HSBC’s Saudi British Bank and Alawwal Bank comes as lenders in the Persian Gulf’s […]