Giambrone Forex Litigation Team Represents Private investors As UBS AG And Five Other Banks Face A Series Of Class-Action Lawsuits For Forex Fraud

Author:Mr John Norton
Profession:Giambrone Law ILP

The Department of Justice (DOJ) ordered UBS AG (one of the three largest Swiss banks) and five others to hand over billions of dollars in fines amid accusations of currency-price fixing, manipulation of benchmark exchange rates collusion with five other banks.

The 15th January, 2015 historic FX markets 'flash crash' triggered by the Swiss National Bank (SNB) when it announced the complete removal of the EUR/CHF exchange rate peg had a devastating effect on thousands of forex investors around the globe losing many millions in a blink of an eye.

While investors were reeling with shock at their losses, UBS AG announced that their foreign-exchange earnings soared and doubled to $661 million from the previous three months and benefited further from the franc weakening against the dollar resulting in a foreign-currency translation after-tax gain of 528 million francs in contrast to prior quarter loss of 544...

To continue reading