Economic news

HSBC faces new legal action alleging currency manipulation

The largest British bank HSBC again could face accusation of manipulating the foreign exchange market in order to make a profit, according to the Financial Times.

ECU Group filed a petition to the court asking for HSBC to disclose data on three major foreign exchange orders from 2006, each of which exceeded $100 million.

ECU had suspicions that HSBC traders had deceived it after making currency transactions in 2006, but the bank then managed to persuade the company to hush things up.

If the court finds evidence that HSBC hid information about transactions, it can cancel the statute of limitations, which usually prevent a lawsuit more than six years after an occasion.



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