Banks Claim Forex Rigging Didn't Cost Funds Money

By Joanne Faulkner (December 9, 2021, 6:54 PM GMT) -- Some of the world's largest banks told the Court of Appeal on Thursday that the English courts could end up overcompensating institutional investors for losses they have not suffered if the court blocks part of the lenders' legal defense in a foreign exchange rigging lawsuit.

Mark Hoskins QC, counsel for the banks, urged the Court of Appeal to hold that about 170 pension funds and institutional investors will have to prove that their losses were not passed on to others at trial.

Hoskins asked the three-judge panel to take into account the so-called compensation principle and avoid redeeming the claimants for...

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