6 More Banks Face Possible Class Actions Over 'Last Look'

Law360, New York (July 13, 2017, 3:21 PM EDT) -- The same law firms that are suing Deutsche Bank AG and wrung $50 million from Barclays PLC over a controversial foreign exchange trading policy known as "Last Look" filed suit against six banks in New York federal court Wednesday, leveling similar allegations.

Citigroup, Goldman Sachs, Morgan Stanley, RBS, Credit Suisse and BNP Paribas are accused of breaching their contracts with traders who used their proprietary foreign exchange platforms and other trading networks to buy and sell currencies. A similar complaint filed against Barclays was settled for $50 million last year, and a judge ruled in February that Germany's largest lender can't...

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