‘Bizarre’ $555bn derivatives lawsuit in India rumbles on
India’s Supreme Court adjourns hearing in case that alleges the Reserve Bank of India and the country’s commercial banks acted in cahoots to use derivatives products to defraud Indian exporters out of trillions of rupees
The Indian Supreme Court has adjourned the hearing of an alleged derivatives mis-selling scandal until February 10, after the Fixed Income Money Markets and Derivatives Association (Fimmda) requested a stay in proceedings to consider evidence submitted by the Tirupur Foreign Derivatives Consumer Forum (TFDCF), an association of predominantly cotton exporters that claims to have suffered losses in the affair.
The case was initiated by lawyer activist Pravanjan Patra, who filed a public interest
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