S. Korean Co. Hits Big Banks With New Forex Class Action

Law360, New York (November 19, 2013, 6:48 PM EST) -- Barclays PLC, Citigroup Inc. and other banking giants have been hit with a new putative class action surrounding foreign exchange rate manipulation in New York federal court, this time facing allegations from a South Korean technology firm that the group's conduct caused financial damage to traders in that country.

The suit was filed by semiconductor manufacturer Simmtech Co. Ltd. on Nov. 8 and targets a group of banks that also includes Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co., The Royal Bank of Scotland Group PLC and UBS...
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