ECU Threatened To Open Pandora's Box On HSBC FX Trades

Law360, London (June 21, 2021, 5:36 PM BST) -- An HSBC client threatened to "open up a Pandora's box" over allegations that the bank's foreign exchange traders were front-running his firm's currency transactions to force it to reach a financial settlement, lawyers for the lender said at a trial on Monday.

Michael Petley, owner of ECU Group, made the claims over suspicions that HSBC Bank PLC traders were dishonestly profiting from the currency investment firm's transactions more than 15 years ago, the lender's lawyers said as it pushes to escape the lawsuit.

HSBC, which contends that ECU's "stale" claims are time-barred, said that Petley had expressed concerns about the illegal practice of...

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