LONDON – The team behind a proposed multi-billion pound claim against major banks over alleged foreign exchange rigging is appealing after the action was blocked by a London court.
London’s Competition Appeal Tribunal ruled on Thursday the case brought by asset managers, pension funds and others against several banks, including JPMorgan, was not suitable to proceed as a U.S.-style, opt-out class action.
Michael O’Higgins, the former chairman of watchdog The Pensions Regulator, who had been vying to lead the class action, said on Friday his team would appeal against the decision.
“In order to best serve the class that we seek to represent, we have decided to appeal yesterday’s decision,” O’Higgins said.
A spokesperson for O’Higgins’ team said the appeal would be lodged with London’s Court of Appeal.
JPMorgan was not immediately available for comment. The bank had welcomed Thursday’s decision, saying the tribunal had “acknowledged the clear weaknesses in the applicants’ cases”.