Banks Must Face Class Action Over Forex Rigging, UK Judge Rules

From bnnbloomberg.ca

Banks including JPMorgan Chase & Co, Barclays Plc and Citigroup Inc will face a class action suit over allegations of foreign exchange manipulation after a London judge gave a full trial the go-ahead. The FX collusion claim, which is also being brought against NatWest Group Plc, UBS Group AG and Mitsubishi UFJ Financial Group Inc, could be worth as much as £2.7 billion ($3.5 billion), according to estimates from lawyers Hausfeld running the suit. The claims stem from the banks’ participation in unlawful FX spot trading cartels between 2007 and 2013. The lenders subsequently admitted the behavior to the ... (full story)