Banks face $1.2 billion civil lawsuit over rigging currency markets
Published: July 29, 2019 9:59 a.m. ET
By NELLMACKENZIE
Getty Images: A rainbow appears over the financial district of Canary Wharf in east London on November 19, 2018.
Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and UBS are facing a £1 billion ($1.23 billion) class action lawsuit over rigging the foreign exchange markets — one of the biggest cases of its kind in the UK.
It comes just months after European regulators hit many of the same banks with a €1 billion-plus penalty for manipulation of these same markets between 2007 and 2013.
The new suit alleges that end investors, including pension funds, lost out as a result of the manipulation and deserve compensation. It was filed at London’s Competition Appeal Tribunal by Scott+Scott, the US law firm.
It mirrors a $2.3 billion class action overseen by Scott+Scott two years ago. The firm has opened a European office to lead the new claim, according to a person with knowledge of the matter.
The news was first reported by Reuters. Barclays BARC, -1.93% BCS, -1.80% , Citi C, -0.07% , JPMorgan JPM, -0.22% and RBS RBS, -4.01% declined to comment. UBS, -0.97% id not respond in time for publication.
Class actions are a popular means of litigation in the US, where they allow multiple parties to sue another under one banner. British courts were cleared to hear cases brought under this framework in 2015.
Earlier this year, the European Commission fined Barclays, Citi, JPMorgan, Royal Bank of Scotland and Japan’s MUFG €1.1 billion over collusive behaviour in the $5.1 trillion-a-day foreign exchange markets.
The European Union’s executive arm found that traders had exchanged information on risk positions and plans for trade in Bloomberg chat rooms called The Cartel and Three Way Banana Split.
This story initially appeared on Financial News
Source: Market Watch
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______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2019 Dinar Chronicles
Published: July 29, 2019 9:59 a.m. ET
By NELLMACKENZIE
Getty Images: A rainbow appears over the financial district of Canary Wharf in east London on November 19, 2018.
Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and UBS are facing a £1 billion ($1.23 billion) class action lawsuit over rigging the foreign exchange markets — one of the biggest cases of its kind in the UK.
It comes just months after European regulators hit many of the same banks with a €1 billion-plus penalty for manipulation of these same markets between 2007 and 2013.
The new suit alleges that end investors, including pension funds, lost out as a result of the manipulation and deserve compensation. It was filed at London’s Competition Appeal Tribunal by Scott+Scott, the US law firm.
It mirrors a $2.3 billion class action overseen by Scott+Scott two years ago. The firm has opened a European office to lead the new claim, according to a person with knowledge of the matter.
The news was first reported by Reuters. Barclays BARC, -1.93% BCS, -1.80% , Citi C, -0.07% , JPMorgan JPM, -0.22% and RBS RBS, -4.01% declined to comment. UBS, -0.97% id not respond in time for publication.
Class actions are a popular means of litigation in the US, where they allow multiple parties to sue another under one banner. British courts were cleared to hear cases brought under this framework in 2015.
Earlier this year, the European Commission fined Barclays, Citi, JPMorgan, Royal Bank of Scotland and Japan’s MUFG €1.1 billion over collusive behaviour in the $5.1 trillion-a-day foreign exchange markets.
The European Union’s executive arm found that traders had exchanged information on risk positions and plans for trade in Bloomberg chat rooms called The Cartel and Three Way Banana Split.
This story initially appeared on Financial News
Source: Market Watch
______________________________________________________
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we'll forward your request to the author.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2019 Dinar Chronicles
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