The future of a high-profile foreign exchange “cartel” case against six global banks is in doubt after the UK Supreme Court found that the class action cannot proceed on an opt-out basis.
The case, valued at £2.7 billion ($3.61 billion), involves Barclays, Citi, JP Morgan, MUFG, NatWest Markets, and UBS. It alleges manipulation of spot FX transactions and has been ongoing since 2019.
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