Finance
Banks win bid to block $3.6 billion mass forex UK lawsuit
Published by Global Banking and Finance Review
Posted on December 18, 2025
2 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on December 18, 2025
2 min readLast updated: January 20, 2026
Major banks, including JPMorgan, blocked a $3.6 billion UK lawsuit over forex rigging, based on European Commission findings.
LONDON, Dec 18 (Reuters) - Major banks including JPMorgan, UBSS> and Citigroup on Thursday won their bid to block a 2.7 billion-pound ($3.6 billion) mass lawsuit over alleged foreign exchange rigging.
Phillip Evans, a former inquiry chair at Britain's Competition Markets Authority, was leading the case on behalf of thousands of asset managers, pension funds and financial institutions.
The lawsuit, which was also brought against Barclays, MUFG and Natwest, is based on findings made by the European Commission, which fined banks more than 1 billion euros ($1.1 billion) in 2019.
The European Commission found the banks had rigged the multitrillion-dollar foreign exchange market in two separate cartels between 2007 and 2013.
Some of the world's biggest investment banks have paid more than a combined $11 billion in fines to settle U.S., British and European regulatory allegations that traders manipulated currency rates for years.
Evans' case was initially blocked in 2022 by the Competition Appeal Tribunal, before it was revived by the Court of Appeal the following year.
The banks appealed to the United Kingdom's Supreme Court, which reinstated the Competition Appeal Tribunal's decision to refuse to certify the case on an opt-out basis.
($1 = 0.7493 pounds)
(Reporting by Sam Tobin; editing by William James)
Foreign exchange, or forex, refers to the global marketplace for trading national currencies against one another. It is the largest financial market in the world, where currencies are bought and sold.
Financial institutions are organizations that provide financial services, such as banks, credit unions, insurance companies, and investment firms. They play a crucial role in the economy by facilitating transactions and managing assets.
A regulatory framework consists of the rules, laws, and guidelines that govern the operations of financial institutions and markets. It ensures compliance, protects consumers, and maintains the integrity of the financial system.
Currency manipulation occurs when a country artificially inflates or deflates the value of its currency to gain an unfair advantage in international trade. This can lead to trade imbalances and economic tensions.
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