In what can only be described as a plea for sanity, this very brief column has only one message – get over it people!
In an absolute shocker (yes, that is sarcasm), a group of banks are being sued in the UK over FX manipulation and the use of chat rooms. This seems to have got a few people (on the periphery of the industry mainly I have to point out) excited because it shows “the banks are at it again” as one messenger suggested.
It doesn’t. This class action is a rehash of those in the US over which the banks have already settled, and are in association with actions that have been exhaustingly listed everywhere, that took place a long time ago.
It actually reminds me of the movie Independence Day, where the aliens were moving from planet to planet and sucking them dry of all resources, only in this case it’s the lawyers moving from country to country. Don’t get me wrong, however, this is not to say these actions shouldn’t take place – if the prosecution can prove that investors were wronged then the banks should pay, although the imp in me wonders how unlucky those customers were to always be on the wrong end of the deal when the traders ‘manipulated’ the market. Perish the thought that a law firm is cherry-picking the data.
Anyway, thankfully I have more urgent matters to deal with, so this column will be back on Monday in hopefully a less cynical mood because for now, I prefer not to get excited about legal matters that are likely – sadly – to drag on for years to come.