Collective UK action brought against FX cartel banks
Banks targeted are those that took part in the ‘banana split’ and ‘Essex Express’ cartels
Michael O’Higgins, chairman of the Local Pensions Partnership in the UK, is bringing a class action suit against Barclays, Citibank, JP Morgan, Royal Bank of Scotland and UBS for their activities as part of two FX cartels between 2007 and 2013. The suit was filed today (July 29) in the UK’s Competition Appeal Tribunal (CAT).
O’Higgins is bringing the suit on behalf of market participants that were victim to the banks’ actions in the two cartels that bore the colourful names of ‘Three way banana
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