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]