{"id":132179,"date":"2021-07-14T16:01:06","date_gmt":"2021-07-14T16:01:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132179"},"modified":"2021-07-14T16:01:06","modified_gmt":"2021-07-14T16:01:06","slug":"big-banks-seek-to-curb-speculative-planned-uk-forex-class-action","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/big-banks-seek-to-curb-speculative-planned-uk-forex-class-action\/","title":{"rendered":"Big banks seek to curb &quot;speculative&quot; planned UK forex class action"},"content":{"rendered":"<p>LONDON (Reuters) &#8211; A proposed multi-billion pound claim against powerful banks over alleged foreign exchange (forex) rigging is too weak and speculative to be allowed to proceed as a U.S.-style class action, the banks\u2019 lawyer told a London court on Wednesday.<\/p><figcaption>FILE PHOTO: Pound notes and coins are seen inside a cash register in a bar in Manchester, Britain September 6, 2017. REUTERS\/Phil Noble\/\/File Photo<\/figcaption><p>Brian Kennelly said JPMorgan, Citigroup, Barclays, UBS, NatWest and MUFG Bank were not trying to stifle or delay any lawsuit that might be brought by thousands of claimants.<\/p>\n<p>But he told a five-day hearing at London\u2019s specialist Competition Appeal Tribunal (CAT), to determine whether a class action can proceed: \u201cWe say the weaker the claims or more complex or difficult the claims, the more appropriate it is to try them in \u2018opt in\u2019 proceedings.\u201d<\/p>\n<p>Critics of U.S.-style \u201copt out\u201d class actions, which automatically bind a defined group into a lawsuit unless individuals opt out, say they can lead to vast claims, claims without merit and lush profits for litigators and their funders.<\/p>\n<p>Proponents say they allow easier access to justice, as some individual claims are too small to pursue individually, provide a deterrent against misconduct and that \u201copt in\u201d lawsuits, where every claimant signs up, are costly and time-consuming.<\/p>\n<p>Bank forex customers are also worried they risk damaging banking relationships if they actively participate in an opt-in lawsuit, according to court filings. But Kennelly questioned why banks would risk losing customers.<\/p>\n<p>Investment banks across the globe have paid more than a combined $11 billion in fines to settle U.S. and European regulatory allegations that traders rigged forex markets.<\/p>\n<p>But it was the European Commission that paved the way for this proposed lawsuit by fining banks more than 1 billion euros ($1.2 billion) in 2019 over two forex cartels, dubbed \u201cEssex Express\u201d and \u201cThree Way Banana Split\u201d, between 2007 and 2013.<\/p>\n<p>Michael O\u2019Higgins, the former chairman of British watchdog The Pensions Regulator, and Phillip Evans, a former inquiry chair at the Competition Markets Authority, are now vying to lead a class action on behalf of claimants such as asset managers, pension funds and financial institutions.<\/p>\n<p>Foreign exchange is the crown jewel of London\u2019s financial sector. Around 43% percent of the $8.3 trillion-per-day forex market is traded in the city.<\/p>\n<p>O\u2019Higgins has instructed U.S. law firm Scott &amp; Scott while Evans is being advised by Hausfeld &#8211; the two litigators that co-led a similar U.S. case against 15 banks and helped secure $2.3 billion in settlements for American claimants.<\/p>\n<p>The CAT will decide whether to allow a planned lawsuit to proceed as a so-called collective action and which, if any, class representative should lead it.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/us-britain-forex-court\/big-banks-seek-to-curb-speculative-planned-uk-forex-class-action-idUSKBN2EK1UI\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON (Reuters) &#8211; A proposed multi-billion pound<\/p>\n","protected":false},"author":3,"featured_media":132178,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Big banks seek to curb &quot;speculative&quot; 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