Barclays , JP Morgan , RBS , UBS and Citigroup are being sued by investors over ...
In May the European Union fined five banks a combined 1.07 billion euros for forex rigging through cartels of traders known as “Essex Express” and “Three Way Banana Split”.
The lawsuit is being led by Michael O’Higgins, the former chairman of British watchdog the Pensions Regulator, and is being funded by litigation finance group Therium. 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 - which will be automatically included in the action - and the proportional impact of rate rigging on these.
Given the size of London’s forex market, O’Higgins said the total value would likely exceed a billion pounds. “Even on a relatively conservative assumption it’s certainly a billion pounds and possibly several,” O’Higgins said.Reporting by Kirstin Ridley and Iain Withers; Editing by Rachel Armstrong and Alexander Smith
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