• 02 Apr 2014 at 12:15 PM
  • Banks

Latest Forex Lawsuit Heavy On Toff Stereotyping

A bunch of big investors think that a bunch of big banks should give them an unspecified amount of money, because they have broken crumpets and sipped tea together or something.

In the complaint, the investors accused the banks of controlling foreign-exchange rates via a “small and close-knit group of traders.” They alleged it became possible for banks to rig the market because the traders “have strong ties formed by working with one another in prior trading positions” and by in many cases living “in the same neighborhoods in the Essex countryside just northeast of London’s financial district.”

“They belong to the same social clubs, golf together, dine together and sit on many of the same charity boards,” the complaint adds.

Investors Sue 12 Banks, Allege Conspiracy to Rig Forex Markets [WSJ]

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Comments (4)

  1. Posted by Sam | April 2, 2014 at 12:24 PM

    I think you're confused about stereotypes in the UK. Essex boys are more like Jersey boys. They even have their own show:

  2. Posted by Disappointed Guest | April 2, 2014 at 12:41 PM

    At first glance I thought the title said "Latex" and immediately thought of Bess in a skintight suit. After reading the article…chubs gone.

  3. Posted by The Gobbler | April 2, 2014 at 1:36 PM

    Gobble gobble gobble motherfucker!

  4. Posted by Mr. Carson | April 2, 2014 at 2:56 PM

    Those uniforms were popular in my day at Downton when a man new the secret, intimate way of using parts of one's own body to check whether a spoon was an "egg" spoon or a "bouillon" spoon.