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The future of a high-profile foreign exchange “cartel” case against six global banks is in doubt after the UK Supreme Court found that the class action cannot proceed on an opt-out basis.
The case, which is valued at £2.7 billion ($3.61 billion) and was brought by Phillip Evans – a former chair of the UK’s Competition and Markets Authority – against 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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