Some of the world’s biggest banks have managed to secure win in a lawsuit accusing them of an alleged conspiracy among banks to fix prices in the foreign exchange (FX) market.
On March 30, 2023, the New York Southern District Court entered a ruling in favor of the defendant banks: JP Morgan Chase & Co. and JPMorgan Chase Bank, N.A., Citibank, N.A., Citicorp, and Citigroup, Inc., Barclays Capital, Inc. and Barclays PLC, and Bank of America, N.A.; Bank of America Corporation; HSBC Bank (USA), N.A.; HSBC North American Holdings Inc.; Royal Bank of Scotland, plc (RBS) and UBS AG.
This case concerns the impact of an alleged conspiracy among banks to fix prices in the FX market on consumers’ purchases of euros with U.S. Dollars within the United States. The defendants had moved for summary…
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