Four Banks Win Dismissal From U.S. Forex Antitrust Case

MUFG Bank Ltd., Royal Bank of Scotland Plc, Societe Generale SA and UBS Group AG prevailed in case by retail currency buyers claiming the banks fixed prices in the foreign-exchange market

• Non-U.S. banks claimed court lacked jurisdiction over them
• The court ruled Barclays Bank Plc, BNP Paribas SA, HSBC Bank Plc, Standard Chartered Bank must remain in the case
• UBS AG must also remain in the case, though its parent, UBS Group AG, was dismissed
• Ruling by U.S. District Judge Lorna Schofield May 17

The case is Contant v. Bank of America Corp, S.D.N.Y., No. 17-cv-03139, order 5/17/19

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