RATE MANIPULATION

Some lenders, including several high street banks, have been found to be involved in the manipulation of banking rates for financial gain and profit, often at the expense or detriment to their customers.

The manipulation of these rates has received widespread media coverage and regulatory investigation, which has revealed that some banks have manipulated the London Inter-Bank Official Rate (“Libor”) and also Foreign Exchange Rates.

The manipulation of these rates has adversely affected the cost of lending for many customers. In many cases, customers have suffered considerable financial losses.

How we can help

Our dedicated banking and finance lawyers have the specialist knowledge to be able to assess your potential claim and can advise on the right course of action for you. We are also able to offer flexible funding options.

To discover further how we can help, please explore the following pages for our rate-specific guidance:

Please contact us for a no-obligation discussion in relation to any products you might have linked to banking rates.

Foreign Exchange Rate Markets Manipulation

By 2015, six global banks had been collectively fined in excess of £2.5 billion by UK and US regulators for attempted manipulation of foreign exchange rates (“Forex”).

The Financial Conduct Authority (“FCA”) concluded that in the cases of three UK high street Banks, Forex manipulation had occurred for several years, from January 2008 to October 2013.

Forex traders at the banks had colluded their trading, disclosing confidential customer order information and trading positions to one another. This enabled the banks to alter their positions and benefit financially at the expense of their customers.

The adverse findings of the FCA provide useful evidence to support claims against the banks.

Do you have a claim?

Forex market manipulation can cause small movements in benchmark Forex rates. Businesses who regularly trade in foreign currency, such as pension funds or asset managers, may therefore have suffered substantial losses over time as a result of Forex rate manipulation.

Businesses with financial products that reference, and are linked to, these manipulated benchmark rates may also suffer significant losses which can be recovered. We can assist you with recovering those losses and potentially rescinding your original transaction.

How we can help

Our dedicated banking and finance lawyers have specialist knowledge and experience that enables us to provide you with clear advice and strategy.

We have recovered in excess of £30 million for clients across a range of banking and finance disputes.

If you feel you may have fallen victim to manipulation of Forex rates, or have an agreement with a bank linked to Forex rates contact us.

Libor Rate Manipulation

The London Inter-Bank Official Rate (“Libor”) is an average cost of unsecured borrowing calculated by banks on a daily basis. Libor is used worldwide to price a variety of financial products including loans, derivatives and mortgages.

What is Libor Manipulation?

In 2012, banking regulators commenced investigations into the manipulation of Libor by a number of major UK banks. These banks have been found to have been manipulating Libor from as early as 2003.

The manipulation of Libor upwards creates the potential for traders to make profit. By manipulating Libor downwards, the impression is given that banks are willing to lend money at a lower interest rate, presenting a false illusion of a stronger position.

Do you have a claim?

Have you entered into a financial product, such as a loan, based on, or linked to Libor? If so, you may have been subject to bank mis-selling or conspiracy and could be able to bring a claim to recover losses suffered as a result.

How we can help

Our experienced banking and finance lawyers have recovered in excess of £30 million for clients through claims for mis-selling of financial products, including claims for Libor Manipulation and Fraud.

Our lawyers have the knowledge and expertise to review your potential claim or query and advise on the most appropriate steps to take. We will always consider your individual circumstances to provide tailored advice and can offer flexible and affordable costs arrangements.