“Seven global banks including Barclays and UBS face new claims of alleged foreign exchange market manipulation in the first US class-action lawsuit to include original research that highlights unusual price spikes in euro, sterling and other major currencies.”

“While nearly a dozen similar lawsuits have been filed in the US, the damages claim filed by the City of Philadelphia Board of Pensions and Retirement goes much further in seeking to prove its allegations by including an analysis of daily trading around the pivotal WM/Reuters 4pm fix of currency prices.”

“The research compiled by Fideres at the request of the plaintiffs alleges the anomalous price movements became rarer and less pronounced after reports about regulatory scrutiny of the forex market surfaced last summer.”

“The analysis comes as executives at a string of global banks are responding to probes by regulators around the world into whether their traders have colluded to move currency prices.”

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Read full Financial Times article here.