UK Supreme CourtRaises Questions About FX Cartel Case Proceeding

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.

Source link