LONDON – The group behind a proposed multi-billion pound declare towards main banks over alleged international change rigging is interesting after the motion was blocked by a London courtroom.
London’s Competitors Attraction Tribunal dominated on Thursday the case introduced by asset managers, pension funds and others towards a number of banks, together with JPMorgan, was not appropriate to proceed as a U.S.-style, opt-out class motion.
Michael O’Higgins, the previous chairman of watchdog The Pensions Regulator, who had been vying to steer the category motion, stated on Friday his group would attraction towards the choice.
“With a view to finest serve the category that we search to signify, now we have determined to attraction yesterday’s resolution,” O’Higgins stated.
A spokesperson for O’Higgins’ group stated the attraction can be lodged with London’s Court docket of Attraction.
JPMorgan was not instantly out there for remark. The financial institution had welcomed Thursday’s resolution, saying the tribunal had “acknowledged the clear weaknesses within the candidates’ circumstances”.
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