Big Banks Brace as British Forex Class Action Seeks Go-Ahead

A picture illustration of U.S. dollar, Swiss Franc, British pound, and Euro bank notes, taken in Warsaw on Jan. 26, 2011. Kacper Pempel/Reuters

LONDON—A specialist London court will decide whether a long-awaited multi-billion pound class action against some of the world’s biggest banks over alleged foreign exchange rigging can proceed, after a five-day hearing kicked off on Monday.

JPMorgan, Citigroup, Barclays, UBS, and NatWest, along with Japan’s MUFG Bank, are braced for the first forex class action in Britain over cartels dubbed “Essex Express” and “Three Way Banana Split.”