London court revives $3.5 billion forex trading class action against banks By Reuters

© Reuters. A drone view of the London skyline after dawn, in London, Britain, July 7, 2023. REUTERS/Yann Tessier/File Photo

LONDON (Reuters) – A proposed £2.7 billion ($3.46 billion) class action lawsuit against major banks including JPMorgan (NYSE:) and Citigroup A London court on Tuesday revived (NYSE:) over alleged foreign exchange fraud.

The case was originally brought by Philip Evans, former head of the investigation at the Competition Markets Authority, on behalf of thousands of asset managers, pension funds and financial institutions.

Evans brought the case – which was also against UBS, Barclays (LON 🙂 and NatWest – on an opt-out basis, meaning that potential claimants will be included in the claim unless they opt out.

The Competition Appeals Tribunal (CAT) ruled last year that claims could only be brought on a choice basis, meaning claimants had to expressly join the case, although the CAT found such claims inapplicable.

But an appeals court overturned that decision on Tuesday, allowing the case to go before the CAT.

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