Barclays, HSBC, RBS sued in US for Forex rigging

Barclays, HSBC and RBS are among a group of 12 banks being accused in a US class-action suit for rigging foreign-exchange (Forex) prices. The class-action lawsuit was filed late Tuesday in New York by a group of investors from across the US and the Caribbean and included city and state pension plans, according to the report from The Wall Street Journal (WSJ).Along with the three British banks, the eight other financial institutions being sued are Bank of America, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and UBS.The accusation claimed that banks communicated "with one another, including in chat rooms, via instant messages, and by e-mails to carry out their conspiracy" and rig Forex as far back as January 2003.Furthermore, the investors claimed that traders had strong ties that made the collusion possible. Damages sought were not indicated in the complaint, according to WSJ.JM