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Banks brace for more FX-rigging pain as civil lawsuits come forth
By James Titcomb
The Telegraph, London
Saturday, May 23, 2015
Banks are bracing for hundreds of millions of pounds in new claims for foreign exchange manipulation from class-action lawsuits triggered by last week's vast market rigging fines.
Barclays, Royal Bank of Scotland, and four other banks were ordered on Wednesday to pay $6 billion (L3.84 billion) by UK and US authorities.
The Barclays penalty represents the biggest bank fine in British history.
The regulators, detailing how traders gathered in chatrooms using monikers such as "The Cartel" and "Coiled cobra" to rig the $5.3 trillion-a-day currency market, also forced the banks to plead guilty to criminal charges.
Lawyers say that the fines, as well as an investigation from the European Commission, could be a springboard to damaging civil litigation in the UK and Europe. ...
... For the remainder of the report:
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11625158...
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Outside the Banking System in Zurich and Singapore
Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.
Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.
Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.
Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173)
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