Opt in or opt out: an FX class action decision worth millions
Six banks accused of manipulation may see 40% reduction in damages if UK lawsuit proceeds along ‘opt-out’ route
A UK judicial body must decide whether or not to allow a US-style class action case on alleged manipulation of foreign exchange trades to continue, in a decision that could mean the difference of millions of pounds in potential damages, if the case proceeds at all.
Barclays, Citi, JP Morgan, NatWest Markets, Royal Bank of Scotland and UBS are accused of manipulating spot FX transactions between 2007 and 2013.
If the Competition Appeal Tribunal rules the case will move forward, it must decide
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