Three banks settle Canadian foreign exchange class-action

By Tim Strube

UBS, BNP-Paribas and Bank of America will pay $16 million and provide information to Canadian investors who lost money in the benchmark rigging scandal.

The lawsuit against the remaining banks, which is the first “benchmark rigging” case in Canada, seeks $1 billion in compensation.

In a case that could affect hundreds of thousands of retail investors in Canada, three major international banks accused of colluding to manipulate foreign exchange markets have settled a class action lawsuit for almost $16 million.

As part of the settlement, Swiss bank UBS, French giant BNP-Paribas, and Bank of America also pledged to provide information that could help pursue more than 40 other banks alleged to have profited from a conspiracy to push and pull foreign exchange rates for more than a decade. Read more in TheStar.com.

Globally, over US$10 billion have been assessed in fines. And there are still more cases pending.

In this opaque and trust impaired industry, a transparent new system is coming online in just a few days.

FlashFx replaces these opaque and inefficient networks with a common global infrastructure that brings new efficiencies to financial remittances by enabling near real-time settlements, improving visibility and reducing risk.

The technology tightly integrates payments messaging with funds settlements, allowing for unprecedented visibility and performance.

FlashFX, a cutting edge fin-tech startup based in Sydney Australia, is engineered from the ground up to deliver intelligent foreign exchange transfer services, without hidden fees.

Using the innovative Ripple technology platform and XRP, Ripple's digital currency, FlashFX delivers extraordinary transparency, speed and transactional control to users.

Flash FX puts their customers in control. They can choose a target conversion rate, automate the international money transfer and track their currency transfer, like a package, from start to finish.

Change is coming to foreign exchange financial services. It will alter the competitive landscape in favour of the consumer forever.

FlashFx provides a lean high-performance foreign exchange transfer payment services that safely, efficiently and reliably provides users with a better customer experience.

Learn more about FlashFX and register to benefit from their cutting-edge technology, great rates, transparency and control.

Tagged in: currency conversion, exchange rates, banking, ripple

Read next:

More articles...

Want to experience fast, trackable and controllable foreign currency transfers for yourself?