Pension Funds Launch $1.2bn Lawsuit Against Banks

Investors including pension funds and asset managers in the United Kingdom have launched a £1 billion ($1.2 billion) lawsuit against five banks for losses related to a foreign exchange cartel, Morningstar reported.

The banks including U.K.-based Barclays P.L.C., U.S.-based Citibank N.A. and Royal Bank of Scotland Group P.L.C. have admitted their participation in the cartel. Regulators across the world have fined the banks $8.5 billion