Reuters As a British FX class action seeks approval, big banks brace themselves. After a five-day hearing on Monday, a specialist London court will determine whether a long-awaited multi-billion pound class action against some of the world’s top banks over alleged foreign exchange fixing may proceed. JPMorgan, Citigroup, Barclays, UBS, and NatWest, as well as MUFG Bank of Japan, are preparing for the first FX class action in the United Kingdom over cartels called “Essex Express” and “Three Way Banana Split.” All of the lenders were penalized by the European Commission https://www.reuters.com/article/us-eu-antitrust-banks-idUSKCN1SM0XS Apart from UBS, which had notified the body to the two cartels, the incident cost the body a total of about 1 billion euros ($1.2 billion) in 2019./n
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