FX Rigging Banks Face UK Class Action Lawsuit

Barclays, UBS, and JP Morgan were all named in the suit

Investors are suing a group of banks over their alleged involvement in the rigging of foreign exchange markets.

According to Reuters, Barclays, JP Morgan, RBS, UBS UBSG.L, and Citigroup have been named in a class-action lawsuit filed at the Competition Appeal Tribunal, a judicial authority based in London.

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That lawsuit is being led by Michael O’Higgins, the former chairman of British watchdog the Pensions Regulator. Therium, a litigation financing group, is supporting the case.

Speaking to Reuters, O’Higgins said that any payout is likely to be determined by how many trades were executed in the UK for British-based firms and the impact that rates rigging would have had on those trades.

“Even on a relatively conservative assumption it’s certainly a billion pounds and possibly several,” said O’Higgins, referring to the possible value of the claims being made in the case he is leading.

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More money

The banks involved in the case have already paid hefty fines to regulators in the US and European Union.

Back in May, five companies were forced to pay regulators in Europe 1.07 billion euros ($1.19 billion) for rigging currency markets.

Investors in the US have also managed to squeeze over $2 billion out of banks for their involvement in the scandal.

In total, banks have now paid over $11 billion in fines for activity related to the market rigging.

“Markets should be fair as well as free and in this case the markets weren’t fair,” said O’Higgins.

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