Foreign Banks Challenge Jurisdiction In Forex Rig Suit

Law360 (December 5, 2018, 4:33 PM EST) -- A slew of big foreign banks including BNP Paribas and HSBC Bank plc told a New York federal judge that a proposed class of investors accusing them of manipulating the foreign exchange market for at least six years haven’t proven jurisdiction over them.

In a letter filed Tuesday, nine foreign banks argued that they should be freed from the suit unless the investors can show that the deals between the banks and transactional middlemen — retail foreign exchange dealers, who sold to the investors — took place within the U.S.

“The [second amended complaint] alleges nothing to show that foreign defendants...

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