A judge in the United Kingdom has ruled that broker Marex Spectron must pay up to $32 million in losses to French bank Natixis stemming from a case of forged warehouse receipts more than two years ago.
The court found both Marex Spectron and Glencore-owned Access World negligent.Natixis sued Marex Spectron and Access World in 2017 over fraudulent receipts. Marex rejected the lawsuit, and a trial was held in January this year at London's High Court.Marex Spectron said it would appeal the ruling. "We are pleased that the judge recognizes Access World's actions were negligent and they were responsible for the 'lion's share of the blame' and 'it was entirely reasonable for Marex to place the reliance it did on such authentication'," the statement said. "This vindicates our approach. We are a victim of this industry-wide fraud and we are now looking...