New York-based Alpari US LLC has filed ‘Last Look’ lawsuits against six major U.S. banks in New York federal court recently. The law firm handling the case is the same firm that is suing Deutsche Bank AG and won $50 million from Barclays PLC over a controversial foreign exchange trading policy known as “Last Look”.
The banks named in the suit – Citigroup, Goldman Sachs, Morgan Stanley, RBS, Credit Suisse, and BNP Paribas – are accused of breaching their contracts with traders who used their proprietary foreign exchange platforms to buy and sell currencies. The complaint states that the banks named would hold up trades, instead of executing buy or sell orders at the price shown, executing a worse price for investors who used their platforms.
Last Look Lawsuits Seek Damages
The Last Look lawsuits seek damages from each of the banks, tallying in the hundreds of millions. To combat statues of limitations defense, the claim states that since the banks fraudulently concealed their conduct, the limitations do not apply.
Last Look Comes to Light
Three years ago, Last Look came to light when a fixing scandal was made public. Since then, New York regulators have said that around a dozen banks have been looked into. To date, Barclays has paid a $150 million fine over its use of the system, and earlier this year, BNP Paribas paid $350 million related to foreign exchange trading misconduct.
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If you are the victim of investment fraud or suspect that you may have lost money as a result of broker misrepresentation, you may have certain legal rights that require your immediate attention.
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