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

By Kirstin Ridley

LONDON (Reuters) – U.S regulation agency Hausfeld has filed a lawsuit in London in opposition to main banks over alleged international alternate (foreign exchange) rigging in a bid to take over a high-profile British class motion from compatriot Scott & Scott.

The brand new motion, known as FX Declare UK, seeks damages from Barclays , Citibank , RBS , JPMorgan , UBS and MUFG Financial institution over their position in foreign exchange spot buying and selling cartels between 2007 and 2013 and was filed at London’s Competitors Enchantment Tribunal (CAT) on Wednesday.

JPMorgan, UBS, Citigroup and MUFG declined to remark. RBS, Citibank, Barclays didn’t instantly reply to requests for remark.

Hausfeld and Scott & Scott co-led an analogous U.S. motion in opposition to 15 banks, securing $2.three billion for American claimants, after a number of the world’s high banks paid greater than a mixed $11 billion in fines to settle U.S. and European regulatory allegations that merchants rigged international alternate markets.

Banks now face one other probably big class motion in Britain after being fined greater than 1 billion euros ($1.1 billion) by the European Fee in Could over cartels dubbed “Essex Categorical” and “Three Approach Banana Break up”.

“The fines don’t go to these affected by the cartels. By way of this motion, we wish to maintain the banks…