UBS, Royal Bank of Scotland, JPMorgan, Citibank, and Barclays were named in the class action.
Maurice Blackburn, an Australian law firm, has filed a class-action lawsuit this Monday against five international investment banks. According to the statement published by the firm, the suit is seeking damages for colluding on foreign exchange (Forex) trading strategies.
Specifically, the class action has been launched against UBS, Royal Bank of Scotland, JPMorgan, Citibank and Barclays, the same banks that have been caught up in similar currency market scandals in both the United States and Europe.
Maurice Blackburn has accused the large investment firms of colluding to rig FX rates between 2008 up until 2013, in order to increase profits at the expense of businesses and investors in Australia.
Specifically, instead of competing with each other, Maurice Blackburn alleges that traders from the bank shared confidential information, such as the details of clients and their orders. This information was shared in internet chatrooms, the lawsuit alleges, that was called “The Cartel,” “The Mafia” and “A CoOperative,” among others, the court documents state.
“The alleged cartel conduct caused loss to foreign exchange customers in Australia throughout the period 1 January 2008 and 15 October 2013 but artificially increasing the cost of buying certain currencies and artificially decreasing the price received when selling certain currencies,” the statement from the law firm said.
US Drops Case Against ‘Cartel’ Traders
As Finance Magnates reported in October last year, a US court dropped criminal complaints against three British traders accused of conspiring to rig the FX markets - Richard Usher, formerly of JPMorgan Chase & Co., Rohan Ramchandani, who worked at Citigroup Inc., and Chris Ashton, a former Barclays Plc trader.
The case was closed two years after a United Kingdom court acquited the men. The case in the US alleged that the London-based trio allegedly created a chat group that they named “the Cartel” to coordinate trading of US dollars and euros and manipulate the prices of the exchange rates.
However, the case was dropped after the men asked a US judge to dismiss the case against them, saying they did nothing wrong as their banks “weren’t always in direct competition.”
In the United States, the five firms have been collectively fined more than $2.8 billion as Barclays, BNP Paribas, Citigroup, JPMorgan, Royal Bank of Scotland and UBS all entered into related guilty pleas.
All five firms named in the class-action have been contacted by both Bloomberg and Reuters and have either not responded or declined to comment.
Commenting on the suit, Maurice Blackburn principal lawyer Kimi Nishimura said in a statement: “Australian businesses and investors, particularly medium to large importers, exporters, institutional investors and businesses with operations overseas, have been affected by the distortion of the FX market by these banks.”
“Such cartel behavior cheats Australian businesses in circumstances where they may already have been vulnerable to currency fluctuations,” Nishimura added.
Maurice Blackburn, an Australian law firm, has filed a class-action lawsuit this Monday against five international investment banks. According to the statement published by the firm, the suit is seeking damages for colluding on foreign exchange (Forex) trading strategies.
Specifically, the class action has been launched against UBS, Royal Bank of Scotland, JPMorgan, Citibank and Barclays, the same banks that have been caught up in similar currency market scandals in both the United States and Europe.
Maurice Blackburn has accused the large investment firms of colluding to rig FX rates between 2008 up until 2013, in order to increase profits at the expense of businesses and investors in Australia.
Specifically, instead of competing with each other, Maurice Blackburn alleges that traders from the bank shared confidential information, such as the details of clients and their orders. This information was shared in internet chatrooms, the lawsuit alleges, that was called “The Cartel,” “The Mafia” and “A CoOperative,” among others, the court documents state.
“The alleged cartel conduct caused loss to foreign exchange customers in Australia throughout the period 1 January 2008 and 15 October 2013 but artificially increasing the cost of buying certain currencies and artificially decreasing the price received when selling certain currencies,” the statement from the law firm said.
US Drops Case Against ‘Cartel’ Traders
As Finance Magnates reported in October last year, a US court dropped criminal complaints against three British traders accused of conspiring to rig the FX markets - Richard Usher, formerly of JPMorgan Chase & Co., Rohan Ramchandani, who worked at Citigroup Inc., and Chris Ashton, a former Barclays Plc trader.
The case was closed two years after a United Kingdom court acquited the men. The case in the US alleged that the London-based trio allegedly created a chat group that they named “the Cartel” to coordinate trading of US dollars and euros and manipulate the prices of the exchange rates.
However, the case was dropped after the men asked a US judge to dismiss the case against them, saying they did nothing wrong as their banks “weren’t always in direct competition.”
In the United States, the five firms have been collectively fined more than $2.8 billion as Barclays, BNP Paribas, Citigroup, JPMorgan, Royal Bank of Scotland and UBS all entered into related guilty pleas.
All five firms named in the class-action have been contacted by both Bloomberg and Reuters and have either not responded or declined to comment.
Commenting on the suit, Maurice Blackburn principal lawyer Kimi Nishimura said in a statement: “Australian businesses and investors, particularly medium to large importers, exporters, institutional investors and businesses with operations overseas, have been affected by the distortion of the FX market by these banks.”
“Such cartel behavior cheats Australian businesses in circumstances where they may already have been vulnerable to currency fluctuations,” Nishimura added.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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