Banks Deny Trading Benefit In UK Forex Rigging Suit

Law360, London (January 3, 2020, 6:04 PM GMT) -- Barclays and other banking giants accused by institutional investors of conspiring to rig the foreign exchange market said while some employee communications violated competition laws they denied the conduct had an effect on trade in the European Union.

The litigation filed against the banking giants on behalf of hundreds of institutional investors seeks billions of dollars in damages for alleged antitrust violations.

In newly posted filings with the High Court that responds to questions from the investors’ counsel, Barclays and JP Morgan Chase say while the targeted conduct was capable of having an appreciable effect upon trade between European Union member...

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