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US: Court chooses forex lead counsel

By  |  February 14, 2014

A US federal judge has announced law firm Scott+Scott LLP as the lead counsel in a law suit against major banks for allegations of foreign exchange market rigging.

Reports say the firm was appointed by US District Judge Lorna Scholfield last Thursday ahead of the start of a consolidation class action in the case.

Several of the worlds largest banks, including Barclays, Citigroup and JPMorgan Chase & Co, have been sued over allegations their traders manipulated the foreign exchange market in violation of US antitrust law. The traders are accused of swapping market sensitive information with their counterparts at rival banks.

Scott+Scott will lead the prosecution on behalf of investors and others affected by the alleged manipulation.

Competition authorities in several nations are in the midst of probing the claim.

Full Content: Reuters

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