A London court has blocked planned forex class actions against large banks

General view of London showing Tower Bridge, The Shard, London City Hall, The Fenchurch Building, also known as the Walkie Talkie, The Tower Of London, St. Paul’s Cathedral, London, Britain, March 23, 2022. Drone. REUTERS / Yann Tessier

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LONDON, March 31 (TASR) – A London court has blocked a billions of billions in pounds brought by thousands of asset managers, pension funds and financial institutions against large banks in connection with alleged foreign exchange (forex) machinations.

London’s Competition Appeal Tribunal (CAT), which has been considering a case against JPMorgan (JPM.N), Citigroup (CN), Barclays (BARC.L), UBS (UBSG.S) and NatWest (NWG.L) since last July. , ruled on Thursday that the case was not suitable as an U.S.-style opt-out class action. read more

The European Commission paved the way for the proposed lawsuit by fining banks more than € 1 billion ($ 1.11 billion) in 2019 for two foreign exchange cartels, called “Essex Express” and “Three Way Banana Split”, between 2007 and 2013.

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Michael O’Higgins, former chairman of The Pensions Regulator, and Phillip Evans, former chairman of the Competition Authority’s investigation, competed for a class action on behalf of the financial plaintiffs.

O’Higgins said his team was rethinking their options.

“This decision is extremely disappointing, as this is exactly the kind of claim that has been put in place to facilitate access to justice for all entities affected by the illegal behavior of cartels,” he said.

“We’re reviewing our options to decide how to move forward in a way that best serves the class we’re trying to represent.”

Bank representatives were not immediately available for comment.

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Kirstin Ridley report; edited by David Evans

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