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Big bank forex class action lawsuit overview:
- Who: JPMorgan, Barclays, Bank of America, UBS, Citibank, the Royal Bank of Scotland and HSBC have asked for summary judgment to end claims they rigged benchmark foreign exchange (forex) rates.
- Why: The banks argue that the consumers behind the class action lawsuit cannot prove they were harmed and that the facts show they did not use manipulated benchmarks to set their retail exchange rates.
- Where: The forex class action lawsuit is filed in New York federal court.
Seven major banks accused of rigging benchmark foreign exchange (forex) rates have asked a federal judge in Manhattan to grant them summary judgment over the claims.
The banks, which include JPMorgan, Barclays, Bank of America, UBS, Citibank, the Royal Bank of Scotland and HSBC, argue that none of the four consumers behind the allegations can prove they were harmed by any of the alleged wrongdoing.
The group of consumers claim the banks “manipulate certain foreign currency spot market benchmarks,” causing them to have to pay “ supracompetitive exchange rates when they purchased and received physical euros” at their retail bank branches.
In a filing last week, the financial institutions argued that none of the consumers behind the forex class action had shown they purchased euros, the currency claimed to be affected by the alleged scandal.
The banks argue that without having proof of purchasing any euros that the consumers would be unable to win on any claims that they violated any federal antitrust laws with their alleged actions.
Banks claim they did not manipulate spot market benchmarks to set euro retail exchange rates
Further, the banks claim that the facts show they did not “use the allegedly manipulated spot market benchmarks” to “set their retail exchange rates for euros at their retail bank branches in the United States.”
“This Court should grant summary judgment to defendants and dismiss this case because none of the plaintiffs can prove that defendants’ alleged conduct caused them to suffer injury, an essential element of their antitrust claims,” the banks say in their motion for summary judgment.
Consumers brought the claims against the banks in 2015 the day after five of the banks came to an agreement with the U.S. Department of Justice to pay $5.6 billion to end claims they had been manipulating the global foreign exchange markets, Law360 reports.
In April, London’s Competition Appeal Tribunal ruled that allegations that major banks were rigging foreign exchange rates could not proceed as a US-style class action lawsuit.
Do you believe the major banks were rigging benchmark foreign exchange rates? Let us know in the comments!
The plaintiffs are represented by Lingel Hart Winters of Lingel H. Winters PC; Christopher A. Nedeau of the Nedeau Law Firm; Joseph M. Alioto Sr. of the Alioto Law Firm; Lawrence Papale of the Law Offices of Lawrence G. Papale; and Theresa Driscoll Moore of the Law Office of Theresa D. Moore PC.
The Big bank forex class action lawsuit is Nypl, et al. v. JPMorgan Chase & Co., et al, Case No. 1:15-cv-09300, in the U.S. District Court for the Southern District of New York.
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