July 29, 2019 / 6:35 AM / 6 months ago

Barclays, JPM, others face UK class action over currency-rigging

* Barclays, JPMorgan, Citigroup, RBS and UBS targeted

* Claim estimated to be worth at least a billion pounds

* Banks have previously paid out $11bn in fines for FX rigging

By Kirstin Ridley and Iain Withers

LONDON, July 29 (Reuters) - Barclays, JPMorgan , RBS, UBS and Citigroup, are being sued by investors over allegations they rigged the global foreign exchange market, in the latest test of Britain’s U.S.-style class action regime.

The claim, estimated to be worth more than 1 billion pounds ($1.24 billion), was filed at the Competition Appeal Tribunal (CAT) on Monday, the U.S. law firm behind the action Scott & Scott said.

Some of the world’s biggest investment banks have already paid more than a combined $11 billion in fines to settle U.S., British and European regulatory allegations that traders rigged the currency markets.

Litigators have long hoped to replicate in Britain the success of U.S. class action claims against banks, including Goldman Sachs, HSBC and Barclays, that have yielded $2.3 billion in settlements for big investors.

JPMorgan and UBS declined to comment, the other banks did not immediately respond to requests for comment. ($1 = 0.8049 pounds) (Reporting by Kirstin Ridley and Iain Withers Editing by Rachel Armstrong)

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