Barclays, JPMorgan, others face UK class action over currency-rigging

FAN Editor
A worker cleans a Barclays logo outside a bank branch in the financial district of London
A worker cleans a Barclays logo outside a bank branch in the financial district of London, Britain July 8, 2019. REUTERS/Simon Dawson

July 29, 2019

By Kirstin Ridley and Iain Withers

LONDON (Reuters) – Barclays <BARC.L>, JPMorgan <JPM.N>, RBS <RBS.L>, UBS <UBSG.L> and Citigroup <C.N>, are being sued by investors over allegations they rigged the global foreign exchange market, in the latest test of Britain’s U.S.-style class action regime.

The claim, estimated to be worth more than 1 billion pounds ($1.24 billion), was filed at the Competition Appeal Tribunal (CAT) on Monday, the U.S. law firm behind the action Scott & Scott said.

Some of the world’s biggest investment banks have already paid more than a combined $11 billion in fines to settle U.S., British and European regulatory allegations that traders rigged the currency markets.

Litigators have long hoped to replicate in Britain the success of U.S. class action claims against banks, including Goldman Sachs <GS.N>, HSBC <HSBA.L> and Barclays, that have yielded $2.3 billion in settlements for big investors.

JPMorgan and UBS declined to comment, the other banks did not immediately respond to requests for comment.

(Reporting by Kirstin Ridley and Iain Withers; Editing by Rachel Armstrong)

Free America Network Articles

Leave a Reply

Next Post

Hong Kong protests not yet causing 'big movement of money' to Singapore, says bank CEO

Piyush Gupta, CEO of DBS Group, at the Milken Institute Asia Summit in Singapore, on Sept. 14, 2017. Vivek Prakash | Bloomberg | Getty Images The suggestion that Singapore could benefit from ongoing protests in Hong Kong may have been “overstated,” according to the head of Southeast Asia’s largest bank. […]