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Saxo Bank Clients Start Potential Legal Challenge Over CHF Losses

A group of over 20 Saxo Bank clients, consisting of both Danish and foreign members, has asked Danish law firm Andersen Partners to look at whether they can launch a class action lawsuit against the firm to recover losses made after the sudden removal of the CHF peg.

According to a statement from the legal firm, the group has asked for representation in a potential class action lawsuit against Saxo Bank regarding the lawfulness of it having adjusted clients' transaction prices after the transactions were concluded. 

"It is the opinion of Andersen Partners, that the investors have suffered extraordinary losses as a result of Saxo Bank's handling of their investments," the firm says.

Saxo Bank’s CFO said last month that he was anticipating legal disputes following the broker’s decision to retroactively re-price FX trades that occurred during the Swiss franc’s volatile surge on 15 January (Squawkbox, 29 January 2015).

Saxo did not honour the close out positions but instead revised and ammended the price of the trades at less favourable rates.

A spokesperson for Saxo Bank declined to comment when contacted.

nicola@profit-loss.com  Twitter: @ntavendale

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