FX class action could run into billions – UK class representative

Given London’s share of the FX market, the damages sought could be greater than those received in the US

City of London
UK class action: the suit is against five banks for taking part in two FX cartels between 2007 and 2013

A class action suit brought before the UK’s Competition Appeal Tribunal against five banks for taking part in two foreign exchange cartels, between 2007 and 2013, could return billions of pounds in damages to market participants, claims Michael O’Higgins, the class representative and chairman of the Local Pensions Partnership in the UK.

“We think it will be certainly a billion pounds, maybe several billion,” says O’Higgins. “And that’s affected by two things. Firstly, the proportion of the

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Week account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: