UBS, Other Foreign Banks Dropped From Forex-Rigging Suit

Law360 (May 20, 2019, 5:35 PM EDT) -- A New York federal court on Friday trimmed the roster of foreign exchange dealers tied to the proposed class action alleging they manipulated the foreign exchange market, finding that it lacked jurisdiction over the foreign banks.

U.S. District Judge Lorna G. Schofield dismissed MUFG Bank Ltd., The Royal Bank of Scotland PLC, Societe Generale and UBS Group AG for lack of jurisdiction, finding that the indirect investors failed to allege that UBS participated in the supposed chatroom discussions at the root of the alleged conspiracy. The court also found there was no evidence that the three other banks targeted New York...

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