Citi, JPMorgan, UBS Face Australia Forex Cartel Class Action
- RBS, Barclays also named in suit for manipulating currencies
- Traders used chat rooms to collude on trading strategies
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Citigroup Inc., Royal Bank of Scotland Group Plc and JPMorgan Chase & Co. are among five banks named in a class action lawsuit in Australia seeking damages for colluding on foreign-exchange trading strategies.
UBS Group AG and Barclays Plc were also named in the suit lodged Monday in the Federal Court by Maurice Blackburn Lawyers. The action claims the banks colluded to rig foreign exchange rates, boosting profits at the expense of Australian businesses and investors, the law firm said in a statement.