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Mirroring a claim already filed by the firm in New York, Quinn Emanuel Urquhart & Sullivan is battling six major banks in London over allegations that they conspired to manipulate the foreign exchange market.
Quinn is the first firm to file a charge on these grounds in Europe. London co-head of competition litigation Boris Bronfentrinker has filed the High Court claim on behalf of 11 clients, including a quintet of Scandinavian pension funds and an investment branch of German bank Allianz.
The group are claiming that six major international banks – Barclays, Citi, HSBC, JPMorgan, RBS and UBS – conspired to manipulate the foreign exchange market resulting in substantial losses. Fines for the bank have already totaled upwards of $11bn and this figure is expected to increase.
The claim, filed on 31 December, closely follows Quinn’s parallel proceedings in the Southern District of New York filed nearly two months earlier (5 November) against the same six banks along with another 10 more.
Quinn’s European clients in this case include Allianz Global Investors, Bluecrest, Jersey headquartered fund manager Brevan Howard, Danish pension fund PFA, German asset manager Erste Abwicklungsanstalt, US fund managers PIMCO and Vulpes, and four Swedish pension funds – Första AP-fonden, AP1 Andra AP-fonden, AP2 Tredje AP-fonden, AP3 and Fjärde AP-fonden, and AP 4.
It is understood that the firm will seek to proceed with these claims in parallel on either side of the Atlantic.
The UK market for collective actions has been waiting to kick off since 2015 when Collective Proceedings Orders (CPOs) were first introduced.
Since then, however, no case has successfully taken off after having received a CPO though it looks likely that at least one of these claims will proceed in 2019. Among those most likely to proceed are the trucks litigation and the Interchange proceedings, both of which feature Quinn.
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