Forex Firm Must Pay HSBC $11M For 'Contrived' Fraud Suit

By Richard Crump (November 26, 2021, 5:19 PM GMT) -- A judge ordered a British currency exchange firm on Friday to pay $11 million of HSBC's legal costs for defending itself against a "contrived" High Court claim that accused the bank's traders of front-running more than 15 years ago.

Judge Clare Moulder awarded HSBC its costs on an indemnity basis — granted when the conduct of the paying side in the case is deemed unreasonable — after dismissing ECU's claim for being brought too late.

ECU had sought to "rewrite history" and had used the trial to make "colorful" allegations of widespread misconduct by HSBC's foreign exchange desk that were not...

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