FX class action could run into billions – UK class representative

Given London’s share of the FX market, the damages sought could be greater than those received in the US

City of London
UK class action: the suit is against five banks for taking part in two FX cartels between 2007 and 2013

A class action suit brought before the UK’s Competition Appeal Tribunal against five banks for taking part in two foreign exchange cartels, between 2007 and 2013, could return billions of pounds in damages to market participants, claims Michael O’Higgins, the class representative and chairman of the Local Pensions Partnership in the UK.

“We think it will be certainly a billion pounds, maybe several billion,” says O’Higgins. “And that’s affected by two things. Firstly, the proportion of the

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