Five Banks Face Lawsuit In Australia for FX Collusion
finews asia, 27 May 2019
UBS and Royal Bank of Scotland are among five banks named in a class action lawsuit in Australia relating to collusion on foreign-exchange strategies.
Australian law firm Maurice Blackburn on Monday filed a class-action lawsuit against the five international investment banks, accusing them of colluding to rig foreign exchange rates during 2008-2013 so they can profit. They are UBS, Barclays Bank, Citigroup, Royal Bank of Scotland (RBS) and J.P. Morgan. Continue reading “Article: Five Banks Face Lawsuit In Australia for FX Collusion”
FX collusion scandal reaches Australia, class action launched
Byron Kaye, 27 May 2015
An Australian law firm filed a class action lawsuit on Monday against five major international investment banks accusing them of colluding to rig foreign exchange rates during 2008-2013 to jack up profits at the expense of businesses and investors.
The case involved some of the same banks caught up in similar currency market scandals in Europe and the United States.
UBS AG, Barclays Bank Plc, Citigroup Inc, Royal Bank of Scotland Group Plc and JP Morgan AG are accused, according to Australian court documents, of colluding to increase the price clients paid for certain investment products in order to fix exchange rates at more costly levels. Continue reading “Article: FX collusion scandal reaches Australia, class action launched”