Banks face £1bn class action over forex rigging

Therium is backing a potential £1 billion class action in the UK against major banks that were fined for rigging the foreign exchange market. BarclaysCitigroupJP Morgan and RBS were fined more than €1 billion by the EU’s competition watchdog in 2019 after a five-year investigation revealed market rigging between 2007 and 2013. The banks now face a group claim brought by pension funds, asset managers, hedge funds and corporates from around the world who were affected by the forex cartels. The Competition Appeal Tribunal is deciding whether to issue a collective proceedings order, allowing the action to proceed to the next stage of litigation. More from the Law Gazette.

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In the News

Special Report: The Sulu heirs’ claims – A thorn in Malaysia’s side

There is supposedly an immense amount of wrangling behind the scenes of the US$14.92 billion claim and ongoing dispute between the eight heirs of the late Sultan of Sulu and the Malaysian government, and the Therium-backed claim couldn’t have happened at a worse time for the country amid its unstable political situation.

Funder News

Therium adds four investment managers

Therium Capital Management has added four investment managers to its transatlantic investment team, Chris Wilkins and Charlie Temperley in London and Corey Banks and Joshua Card in New York.

In the News

Sulu claim shows Southeast Asia cannot yet escape colonial legacy

Southeast Asia’s inability to escape the legacy of European colonialism is on show once again, with a French arbitrator insisting that Malaysia owes billions of dollars under a land lease agreement dating back a century and a half between a vanished sultanate and a defunct British trading house in a case that, according to the Financial Times, is being backed by litigation funder Therium.

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