The way forward for a high-profile overseas trade “cartel” case in opposition to six international banks is unsure after the UK Supreme Court docket discovered that the category motion can’t proceed on an opt-out foundation.
The case, which is valued at £2.7 billion ($3.61 billion) and was introduced by Phillip Evans – a former chair of the UK’s Competitors and Markets Authority – in opposition to Barclays, Citi, JP Morgan, MUFG, NatWest Markets and UBS, has been ongoing since 2019. The banks are accused of manipulating spot FX transactions
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