February 4, 2014 / 6:10 AM / 6 years ago

UBS says class action lawsuits filed against it in forex probe

ZURICH, Feb 4 (Reuters) - UBS said on Tuesday several class action lawsuits relating to a probe into possible manipulation of the foreign exchange market had been filed against it and other banks.

The actions, filed since November, allege collusion by the defendants, and assert claims under antitrust laws and for unjust enrichment, the Swiss bank said in its quarterly report.

UBS said it had not yet filed a responsive pleading to the actions.

In slides released alongside its quarterly report, the Swiss bank said it expected elevated charges for litigation, regulatory and similar matters through 2014.

UBS is one of a number of banks cooperating with a global investigation in to possible rigging in the $5.3 trillion-a-day foreign exchange market.

Regulatory authorities are looking at whether traders at some of the world’s biggest banks colluded to manipulate benchmark foreign-exchange rates used to set the value of trillions of dollars of investments. (Reporting by Alice Baghdjian and Katharina Bart. Editing by Carmel Crimmins)

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