Costs of forex manipulation could be worse than Libor

Total bill from penalties and lawsuits could reach “tens of billions,” some estimate

Michael Kraten, Providence College

Regulators are combing through troves of emails, class-action lawsuits have been filed against dealers, and the Bank of England (BoE) is mired in controversy over what malfeasance its markets officials may have ignored or even condoned. It is all painfully reminiscent of the early days of the Libor scandal in 2012, but the cost to dealers of the escalating probe into foreign exchange market manipulation may end up being far higher.

“If lawyers end up filing the same types of claims they did for

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