Barclays, the Royal Bank of Scotland (RBS) and three other banks have been targeted in a class action lawsuit, worth £1bn, over foreign exchange (forex) rigging, filed yesterday.
The lawsuit comes after a ruling in May from the European Commission (EC), which found that Barclays, RBS, Citibank, UBS and JP Morgan had violated European Union competition law by rigging the forex trading markets.
Collectively, the five banks have been fined more than €8.5bn (£6.9bn) by 11 global regulators. The EC claimed the banks coordinated their trading strategies via two cartels, sharing commercially sensitive information and trading plans.
The claim is being brought through the Competition Appeal Tribunal (CAT) as a collective action on an opt-out basis, meaning that all members will be included automatically, with former Pensions Regulator chair Michael O’Higgins acting as the class representative.
Working out of their London office, US law firm Scott + Scott is bringing the claim with backing from litigation funder Therium. The law firm obtained over $2.3bn in settlements after a class action involving 15 banks in America for forex rigging, which received final approval in August 2018.
MoneyAge has contacted those banks involved and offered them the opportunity to comment. Barclays, RBS and UBS declined, while Citibank and JP Morgan have yet to respond.
Latest News
-
Third of UK adults relying on inheritance to fund retirement
-
Govt has failed to act on lifetime ISA recommendations – Treasury Committee
-
‘Fear of rejection’ biggest barrier for one in three aspiring buyers
-
FCA consults on unlimited contactless card payments
-
Tavistock acquires Lifetime Financial Management
-
Consumer finance new business grows 4% in July – FLA
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories