Damages could run into the billions
Research from international law firm RPC has revealed the UK’s leading banks (in the FTSE 100) currently face at least 109 class action and group action lawsuits across different jurisdictions.
Barclays faces the most class and group actions of all the UK’s biggest banks, with 41 cases against them, followed by HSBC with 31 and NatWest with 28.
The class and group actions were disclosed to shareholders of the banks concerned. Just under two-fifths (41) of the class and group actions related to interest rate manipulation of LIBOR and other interest rate benchmarks, while almost one-fifth (18) related to breaches of the US Anti-Terrorism Act. In third place came actions relating to the FX manipulation, where a numbe...
