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London Court Approves $3.5 Billion Lawsuit for Foreign Exchange Rigging Against JP Morgan, Citigroup, UBS, Barclays, NatWest & MUFG
28th July 2023 | Hong Kong
A London court has approved a $3.5 billion (GBP 2.7 billion) foreign exchange rigging lawsuit against JP Morgan, Citigroup, UBS, Barclays, NatWest & MUFG, with the lawsuit based on European Commission findings of foreign exchange rigging between 2007 to 2013 (Fines of EUR 1 billion in 2019). The case was initiated by Philip Evans (former Inquiry Chair of UK Competition Markets Authority), representing asset managers, pension funds & financial institutions. In 2022, the UK Competition Appeal Tribunal (CAT) had ruled that claimants have to explicitly join the lawsuit, but on 25th July 2023, the UK Court of Appeal allowed to case to proceed without claimants having to explicitly join the lawsuit. The latest ruling will allow many more UK businesses to join in the lawsuit.
“ London Court Approves $3.5 Billion Lawsuit for Foreign Exchange Rigging Against JP Morgan, Citigroup, UBS, Barclays, NatWest & MUFG “
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London Court Approves $3.5 Billion Lawsuit for Foreign Exchange Rigging Against JP Morgan, Citigroup, UBS, Barclays, NatWest & MUFG
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