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UBS, Barclays, Citibank, RBS, JPMorgan targeted in Australian class action over forex dealings

By James Panichi ( May 27, 2019, 06:33 GMT | Insight) -- UBS, Barclays, Citibank and JPMorgan are among the international banks that used online chat rooms named “The Cartel,” “The Mafia” and “The Three Musketeers” to enter into a foreign-exchange cartel that harmed Australian businesses and investors, according to a class action filed in Melbourne today. A statement of claim seen by MLex alleges that the banks reached an agreement to “share with one or more of the others information in relation to trade in FX instruments ... to the benefit of one or more of them.” The lawsuit, filed at the Federal Court of Australia by Melbourne-based firm Maurice Blackburn Lawyers, also includes NatWest Markets, formerly known as the Royal Bank of Scotland.UBS, Barclays, Citibank and JPMorgan are among the international banks that used online chat rooms named “The Cartel,” “The Mafia” and “The Three Musketeers” to enter into a foreign-exchange cartel that harmed Australian businesses and investors, according to a class action filed in Melbourne today....

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