Investment Banking

£1bn ‘Banana Split’ FX-rigging lawsuit gets go-ahead for hearings

Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and UBS could have to pay £1bn in compensation to the pension funds and asset managers affected, claimants say

Five banks were fined €1.1bn by the European Commission in May for collusive behaviour in the $5.1tn-a-day FX market
Five banks were fined €1.1bn by the European Commission in May for collusive behaviour in the $5.1tn-a-day FX market Photo: Getty Images

A £1bn class action lawsuit against Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and UBS over rigged foreign exchange trades has taken a significant step forward. A judge has agreed a timetable according to which the banks will attend a series of hearings over the next 16 months.

Following the first court session on November 6 at the Competition Appeal Tribunal in London, the programme of hearings the banks are expected to attend has been confirmed: four in total, in February, June and October 2020, and a final session in January or February 2021.

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