British financial services firm HSBC (HSBC) is facing a lawsuit over allegations that its traders manipulated foreign exchange.
The bank's traders are being accused of manipulating the markets for their profit more than a decade ago, according to the Financial Times.
The ECU Group, a UK-based currency investment firm, filed an application to a commercial court asking for HSBC to turn over its records on three significant foreign exchange orders from 2006.
The application is for a "pre-action disclosure," an initiative prior to filing a full lawsuit.
Should the court find evidence that there was wrongdoing by HSBC, it can waive the statute of limitations preventing a legal action more than six years after an event.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.