That brings the tally of traders who have been suspended, placed on leave or fired to more than 18 at nine banks, including JPMorgan, Citigroup, Barclays and HSBC. Lloyds declined to comment.
Several banking executives privately say they fear the forex probe will end with the same barrage of multibillion dollar fines and litigation that hit banks’ reputations over the Libor scandal. Regulators are also worried about the potential hit to banks’ capital levels if they are forced to pay billions more in fines.
New York state’s top financial regulator has demanded documents from more than a dozen banks including Barclays, Deutsche, Goldman Sachs and RBS as a probe widened into trading practices in the $5.3tn-a-day global foreign exchange markets.$5,300,000,000,000 PER DAY!
By Andrew Longstreth
NEW YORK Thu Feb 13, 2014 2:45pm EST
Feb 13 (Reuters) - A U.S. federal judge has chosen the law firm Scott+Scott LLP to serve as interim lead counsel in a consolidated class action against many of the world's largest banks alleging manipulation of the roughly $5.3 trillion-a-day foreign exchange market.
The lawsuits claim that the banks violated federal antitrust law when their senior traders allegedly shared sensitive market information in chat rooms to execute a variety of strategies to move key benchmark rates.
The lawsuits allege collusion that allowed the banks to profit at the expense of their customers.
The lawsuits seek class action status on behalf of investors, institutions and others affected by the alleged manipulation. One of the lawsuits claims that the class could include thousands of currency traders who lost value on tens of thousands of transactions, "resulting in potentially billions of dollars in damages."
Without knowing one way or another the following person's potential involvement with potentially illegal activities, the sad list of suicides follows:
William Broeksmit – suicide by hanging
John Doe – jumper – bank declined to identify jumper
Mike Dueker – Highway embankment suicide
Richard Talley – nail gun suicide
Ryan Henry Crane – unknown causes at this time