Over manipulations in foreign exchange market: London court authorizes multibillion dollar lawsuit against UBS

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The Competition Appeals Tribunal (CAT), a special court, first ruled last year that cases can only be brought on demand, as “Finanz und Wirtschaft” wrote on Tuesday. Plaintiffs will therefore have to participate openly in the proceedings. But that doesn’t make it possible.

However, the Supreme Court has now overturned this decision. This means that the case can be seen before the CAT.

The lawsuit was originally filed by former UK Competition Authority inspector Phillip Evans on behalf of thousands of wealth managers, pension funds and financial institutions. In addition to US companies, UBS, British institutes Barclays and NatWest, and Japanese MUFG were also referred, the newspaper wrote.

2007-2013 period

Evans later filed the lawsuit on a disabling basis. This means that potential claimants are included in the case unless they opt out.

It was about manipulations in the foreign exchange market between 2007 and 2013. The scandal involving many international investment banks had great repercussions. The newspaper wrote that regulators around the world have fined financial institutions around $11 billion for manipulations.

UBS silent

UBS received a $342 million fine from the US Federal Reserve and was also required to take a number of corrective actions. But in the EU, UBS got away with keeping the competition authorities informed about the deals.

UBS and JP Morgan declined to comment on Finanz und Wirtschaft. (pbe/SDA)

Source :Blick