‘Bizarre’ $555bn derivatives lawsuit in India rumbles on

Litigation claims fraud perpetrated by foreign banks and the RBI

hoshedar-wadia

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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