Location: UK Office
Scott+Scott United Kingdom Office
EU fines Barclays, Citi, JP Morgan, MUFG and RBS $1.2 billion for FX rigging
Barclays, Citigroup, JP Morgan, MUFG, and Royal Bank of Scotland were fined a combined €1.07 billion ($1.2 billion) by the European Union for rigging the multi-trillion-dollar foreign exchange market.
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UK banks fined €1bn by EU for rigging foreign exchange market
Five banks have been fined more than €1 billion (£875 million) by the European Union for rigging the multi-trillion-dollar foreign exchange market. European Commission says decision shows ‘collusive behaviour will not be tolerated.
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Big Banks Fined by EU for Foreign-Exchange Market Misconduct
European Union authorities on Thursday fined five global banks a total of €1.07 billion ($1.2 billion) for manipulating the foreign-currency market by exchanging sensitive information and trading plans through online chat rooms to gain financially.
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Vodafone Hits Visa, MasterCard With UK Swipe Fee Suit
Vodafone and its affiliates allege that the merchant service charges they’re required to pay for each Visa and MasterCard credit and debit card transaction have been “material times higher” than they should be.
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Kodak Takes Antitrust Row With Goldman, Others To UK
Eastman Kodak Co. units file a claim in the High Court of Justice of England and Wales against Goldman Sachs, Glencore and others with a lawsuit accusing them of manipulating aluminum prices.
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Swipe Fee Ruling Opens Visa, MasterCard To Wave Of Claims
Three senior Court of Appeal judges ruled that Visa Inc. and MasterCard Inc. set the swipe fees, also known as interchange fees — the bank-to-bank charges levied on each credit card purchase — at an unlawful level that restricted competition.
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Visa and MasterCard interchange fees restricted competition, English court rules
Visa and MasterCard have lost appeals in their long-running battle against a host of retailers, as an English court found their multilateral interchange fee schemes restrict competition.
Read More Visa, Mastercard Hit With More UK Swipe Fee Antitrust Claims
A group of London restaurateurs and private clubs, the Bourne Leisure travel group, and discount retailer Poundland have filed another round of competition claims in the UK against Visa and MasterCard over interchange fees.
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Watch Out Big Banks: The Claims Are Coming, And Here’s The Lawyer Who’s Bringing Them
After securing settlements of over $2 billion for people in the US who purchased foreign currency and foreign exchange instruments from big banks, David Scott, managing partner of Scott+Scott, has been assessing the appetite for similar claims in the EU.
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A Hole in the Market: Scott+Scott Opens in the City With Plans to Exploit Conflicts and Cash in on Competition Class Actions
Connecticut-based Scott+Scott hired Freshfields Bruckhaus Deringer competition litigation lawyer Belinda Hollway to head up its first City office and European base.
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