Banks face class action

FIVE banks are facing a £1bn class action lawsuit over claims they manipulated foreign exchange markets.

Barclays, Citibank, Royal Bank of Scotland, JP Morgan and UBS are being sued by pension funds, asset managers, hedge funds and major companies, US law company Scott+Scott said. They have been accused of engaging in illegal manipulations between 2007 and 2013.

The claim is being funded by litigation specialist Therium Capital Management and led by Michael O’Higgins, former chairman of the Pensions Regulator. The banks declined to comment.