Barclays, JP Morgan facing UK class action over forex-rigging

LONDON, July 29 (Reuters): Barclays, JP Morgan, RBS, UBS and Citigroup are being sued by investors over allegations they rigged the global foreign exchange market, in a test of US-style class actions in Britain.

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

JP Morgan, RBS, UBS, Barclays and Citi declined to comment.

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

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

In May the European Union fined five banks a combined 1.07 billion euros ($1.19 billion) for forex rigging through cartels of traders known as "Essex Express" and "Three Way Banana Split".