JP Morgan, Barclays and UBS Among Banks Facing Legal Action in UK Over FX-rigging

Published On August 6, 2019

JP Morgan, Barclays, UBS, RBS and Citigroup are facing legal action after they were accused of colluding to rig the global foreign exchange market.

The claim, which was filed at the Competition Appeal Tribunal and thought to be worth more than £1 billion, is being driven by investors of the top-tier banks. The action follows settlements by some of the world’s largest investment banks after similar allegations of currency market rigging in the US, UK and the EU.

All five banks have so far refused to comment.