Second U.S. regulation agency plots rival London foreign exchange class motion | Information

By Kirstin Ridley

LONDON (Reuters) – U.S regulation agency Hausfeld plans to battle Scott & Scott for a high-profile London class motion in opposition to main banks over alleged overseas change (foreign exchange) rigging, a London court docket heard on Wednesday.

Hausfeld, which co-led an analogous U.S. case in opposition to 15 banks with compatriot Scott & Scott and helped safe $2.three billion in settlements for American claimants, has written to defendant banks to say it plans to file its personal, so-called collective proceedings order (CPO) by the tip of November, the court docket heard.

JPMorgan , Citigroup , Barclays , UBS and RBS already face a doubtlessly huge class motion since being fined greater than 1 billion euros ($1.1 billion) by the European Fee in Could over cartels dubbed “Essex Categorical” and “Three Manner Banana Break up”.

That lawsuit — led by Michael O’Higgins, the previous chairman of British watchdog The Pensions Regulator and funded by litigation finance group Therium — was filed by Scott & Scott in July.

“There’s, ready within the wings, a further CPO utility in what U.S. legal professionals name a ‘carriage dispute’ relating to who acts as a consultant for the category,” decide Marcus Smith informed the Competitors Enchantment Tribunal (CAT).

“It is fairly clear, when you’ve got two opt-out CPO…