Update: Market Chatter: Banks Win Bid to Block $3.2 Billion Foreign Exchange Rigging Lawsuit in UK
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Major banks, including JPMorgan, UBS, and Citigroup, successfully blocked a $3.2 billion lawsuit in the UK over alleged foreign exchange rigging. The lawsuit, led by Phillip Evans on behalf of asset managers and financial institutions, was based on European Commission findings of collusion in the forex market. The court's decision provides guidance on managing opt-out applications. JPMorgan and Barclays declined to comment, while others did not respond.
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