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.

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