Currency-Rigging Scandal Leaves $2 Billion Up for Grabs
- Settlement recovery firms seek clients for currency claims
- It’s a ‘tall order’ to crunch 12 years of trade data: Battea
Pedestrians walk along Wall Street near the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Sept. 8, 2017. The dollar fell to the weakest in more than two years, while stocks were mixed as natural disasters damped expectations for another U.S. rate increase this year.
Photographer: Michael Nagle/BloombergCurrency investors risk leaving money on the table if they don’t submit claims on a $2.1 billion pot of settlement money paid by banks accused of rigging foreign-exchange rates.
That’s the message from Battea FX Group LLC, which is competing in the business of advising clients on how to get their share of the payouts. Its seven former FX traders and executives are helping firms recover funds from class actions claiming that some of the world’s biggest banks conspired to manipulate the $5.1 trillion-a-day currency market. Fourteen banks have settled, including Bank of America Corp., Barclays Plc, Citigroup Inc., HSBC Holdings Plc and Royal Bank of Scotland Group Plc.