Therium reportedly backs Norwegian class action

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New Fundings

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. Barclays, Citigroup, JP 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.

New Fundings

Therium backs claim against Republic of Kazakhstan

Therium is backing UK-based Victoria Oil and Gas (AIM: VOG) in its arbitration proceedings with the Republic of Kazakhstan. After investing over US $35 million into an oil field, Kazakhstan invalidated the company’s rights to the oil field and seized assets on site, forcing the company to suspend oil production in June 2008.

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