Cairn Exec Says He Didn't Suspect HSBC Tanked $3.5B Deal

Law360, New York (October 3, 2017, 9:26 PM EDT) -- An executive for Cairn Energy PLC told a Brooklyn federal jury Tuesday that he didn’t suspect HSBC traders were lying to him when they said a Russian bank’s trading had caused the Scottish oil and gas developer’s $3.5 billion foreign exchange transaction to go south and noted that Cairn took legal action only after a top HSBC trader was arrested.

Cairn treasurer Robert Scriven took the witness stand in the trial of HSBC’s former head of global forex cash trading, Mark Johnson, and recalled how Johnson’s...
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