Legal Business

‘A treasure trove for potential claimants’ – forex scandal to bring windfall of instructions to UK firms

US class action filed ahead of DoJ findings targets more than a dozen investors

UK financial disputes partners are gearing up to take on lucrative ‘break the bank’ instructions in the now global investigation into foreign exchange manipulation, as the US class action against a host of investment banks continues to grow, gifting Allen & Overy (A&O) with a lucrative New York mandate.

The class action, which has been filed ahead of any findings by the Department of Justice (DoJ) over whether traders colluded to manipulate the estimated $5.3trn a day foreign exchange market (forex), most recently saw over a dozen investors, including several large US pension funds sign up to an antitrust lawsuit filed in the Southern District of New York.