Chase, Citi and Barclays Among Banks Facing UK Class Action
Chase, Citi and Barclays are among several bank that are being sued by investors over allegations they rigged the global foreign exchange market. The lawsuit has been filed in the UK, in an attempt to bring a U.S.-style class action against the banks. RBS and UBS are the other banks included in the lawsuit.
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.
The lawsuit is being led by Michael O’Higgins, the former chairman of British watchdog the Pensions Regulator. O’Higgins told Reuters the total value of the claim would depend on the number of forex trades executed in London for UK-domiciled units. Given the size of London’s forex market, it’s expected to exceed a billion pounds ($1.22B).