Banks Fight To Block £1B Opt-Out Forex Rigging Class Action

Law360, London (July 14, 2021, 4:50 PM BST) -- A group of banks urged a London competition tribunal on Wednesday to block potentially tens of thousands of companies from being automatically enrolled into a "speculative" £1 billion ($1.4 billion) class action accusing them of rigging foreign exchange markets.

A lawyer for UBS Group has said that claimants should be forced to opt in to the litigation if the Competition Appeal Tribunal allows it to proceed as a class action. (AP Photo/Sang Tan) Counsel for UBS Group AG, one of five banks being sued over alleged foreign exchange price manipulation between 2007 and 2013, said that claimants should be forced to...

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