Australian lawsuit takes on global banks over forex collusion
The class-action suit comes shortly after a €1.07bn EU fine paid out by five major lenders on similar charges earlier this month
Sydney — Citigroup, Royal Bank of Scotland (RBS) and JPMorgan Chase & Co are among five banks named in a class-action lawsuit in Australia seeking damages for colluding on foreign-exchange trading strategies. UBS and Barclays were also named in the suit lodged on Monday in the Federal Court by Maurice Blackburn Lawyers. The action claims the banks colluded to rig foreign-exchange rates, boosting profits at the expense of Australian businesses and investors, the law firm said in a statement. Spokespeople at Citi and JPMorgan in Sydney and Barclays in Hong Kong had no immediate comment on the suit. UBS did not return a call seeking comment. RBS did not immediately respond to an inquiry outside of regular business hours in London, where it is a public holiday. Citi, RBS, JPMorgan and Barclays were among five lenders that agreed to pay EU fines totalling €1.07bn earlier this month for colluding on foreign-exchange strategies. UBS escaped a fine because it was the first to tell regulator...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.