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HSBC is contending with a fresh legal fight over claims its traders rigged foreign exchange markets for their own gains and to the detriment of their clients.
ECU Group lodged an application to London's commercial court, as it sought to mandate the financial provider to endorse documents pertaining to three major forex orders it processed in 2006.
At that time, the investment firm alleged something was amiss, saying HSBC traders were front running its orders. The bank vowed to mount a full internal probe when the company complained, but it found no trace of any wrongdoing.
ECU was initially convinced with the findings. But it suddenly decided to revive the allegations against HSBC following American authorities charged two of the bank's leading currency traders with front running a client order last year.
