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Top banks refuse to accept overbroad definition of retail FX transactions in Forex market manipulation case


A number of top banks that are defendants in a Forex benchmark rate fixing case have challenged a plaintiffs’ request to enlarge the scope of the definition of retail FX transactions. Several banks, including Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), and Citigroup Inc (NYSE:C), on Wednesday, March 28, 2018, filed a Letter with the New York Southern District Court, arguing that the scope of transactions to which the plaintiffs’ claims apply should not include overseas transactions using credit and debit cards.
According to the banks, the dispute arises out of “the plaintiffs’ attempt to vastly expand the scope … (full story)

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