Key facts
- The UK Supreme Court has ruled against an opt-out basis for a £2.7 billion foreign exchange cartel class action.
- The case targets six global banks: Barclays, Citi, JP Morgan, MUFG, NatWest Markets, and UBS.
- The ruling significantly impacts the future viability of the lawsuit.
- Phillip Evans, former chair of the UK’s Competition and Markets Authority, brought the action.
The future of a significant foreign exchange “cartel” case against six global banks is uncertain following a UK Supreme Court decision. The court ruled that the class action, valued at £2.7 billion ($3.61 billion), cannot proceed on an opt-out basis. This means potential claimants would need to actively join the lawsuit, a requirement that significantly reduces the likelihood of the case moving forward. The action was initiated by Phillip Evans, a former chair of the UK’s Competition and Markets Authority, against Barclays, Citi, JP Morgan, MUFG, NatWest Markets, and UBS. The banks are accused of manipulating foreign exchange markets. The Supreme Court's decision represents a major setback for the claimants and raises doubts about whether the case will continue.