BofA, Citi, JPMorgan Beat Antitrust Class Bid by Forex Buyers

Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and other top banks dismantled a proposed antitrust class action over the foreign exchange market, when a federal judge in Manhattan denied a bid to litigate the case collectively.

Judge Lorna G. Schofield ruled in favor of the financial institutions, saying the currency buyers leading the lawsuit failed to offer a feasible method for determining in a single stroke—as class action procedure requires—who might have a valid legal claim and how much they may have overpaid.

Because the case involves allegedly “episodic” and “intermittent, up-and-down manipulation of ...