By Lucia Osborne-Crowley (November 3, 2021, 5:45 PM GMT) -- A U.K. currency investment firm is suing UBS, accusing it of misusing trade secrets and manipulating foreign exchange markets to earn secret profits, after a similar suit against HSBC was recently tossed out for being filed too late.
The ECU Group PLC accused UBS AG in a lawsuit, filed in the High Court on Sept. 28 and now made public, of rigging the forex market ahead of placing the currency firm's orders in order to maximize its own profits. The suit accuses UBS traders of placing their own transactions before executing its orders, an illegal practice known as front-running.
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