Switzerland’s largest bank, UBS, is the latest bank to settle a class action lawsuit regarding the bank’s alleged improper conduct in the foreign exchange (Forex or FX) markets. UBS has agreed to pay $135 million to settle the suit brought by various pension funds and other investors that engaged in FX transactions with the bank.
This case is just one of several class action lawsuits filed against major banks for currency rate manipulation, by alleging that several major banks conspired since January 2003 in chat rooms, via instant messages, and emails to manipulate the WM/Reuters Closing Spot Rates. To date, a combined $4.3 billion has been paid by six other large banks to Swiss, U.S., and British regulators over this past year.
The same group of investors who settled with UBS also settled with JPMorgan Chase Co. for $99.5 million back in January 2015. The settlement of the lawsuit with UBS was referenced in UBS’s 2014 annual report, which also showed a decrease in 4Q profits.
It has been reported that Citigroup and Barclays are close to settling as well.
If you are an individual or institutional investor who may have been harmed by currency rate manipulation, you may have certain legal rights that require your attention. Contact the attorneys at Dimond Kaplan & Rothstein, P.A. to set up a free consultation today.
