|11 December, 2019

Second U.S. law firm files London forex class action

Class action on Wednesday against major banks over alleged foreign exchange (forex) rigging.

LONDON- U.S law firm Hausfeld has thrown down the gauntlet to compatriot Scott & Scott by filing a rival high-profile London class action on Wednesday against major banks over alleged foreign exchange (forex) rigging.

The lawsuit, led by a former Competition and Markets Authority inquiry chair Phil Evans, seeks damages from Barclays, Citibank, The Royal Bank of Scotland, JPMorgan, UBS and MUFG Bank over their role in forex spot trading cartels between 2007 and 2013.

"The European Commission fined these banks more than 1 billion euros for their wrongdoing. But that should not be where this ends," Evans said in a statement that launched the new class action, called FX Claim UK.

"The fines do not go to those affected by the cartels. Through this action, we want to hold the banks accountable for their actions and secure compensation for affected customers."

(Reporting By Kirstin Ridley, editing by Sinead Cruise) ((kirstin.ridley@thomsonreuters.com; 020 7542 5154; Reuters Messaging: kirstin.ridley.thomsonreuters.com@reuters.net))

More From Business