European FX lawsuit may follow soon, says source

Institutional investors filed a lawsuit in NY against 16 banks on November 7, which could be followed by European complaint

Court - houses US District Court for Southern District NY.JPG
A civil suit was filed on November 7 at the US District Court for the Southern District of New York

Some of the world’s largest investment managers could bring a price-rigging lawsuit against 16 global banks in London as soon as this week, FX Week has learned.

The case would mark the European leg of a civil suit filed on November 7 at the Southern District Court of New York, in which a group of a dozen institutional investors accuse the banks of colluding to manipulate currency prices and enrich themselves by agreeing to restrain trade.

The group that has filed in the US includes Allianz

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