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Deutsche Bank is facing fresh legal action due to its foreign currency trading practices, this is alleged to have cost clients millions of dollars.
Scott +Scott, a US-based law firm is set to pursue a claim in Europe against Deutsche Bank over the firm’s so-called “last-look” trades.
This practice means that traders can exploit a short time-lag between a client’s order being placed and executed, this can sometimes allow banks to profit from the difference.
This new move from Scott +Scott, comes just a mere few weeks after Deutsche Bank had a similar lawsuit dismissed by a US judge.
David Scott, managing partner of Scott+Scott, is expected to say: “We are looking forward to fighting Deutsche Bank in court over its wilful misconduct through the use of ‘last look’ and profiting at the expense of our clients,”
“We intend to bring action in Europe on behalf of those who suffered their losses outside the US.”
A Deutsche Bank spokesman has declined to comment on the claims made.
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