According to Bloomberg, group of large institutional investors, including BlackRock Inc and Pacific Investment Management Co (Allianz SE) sued 16 banks accusing them in manipulating prices at foreign exchange market evaluated at $5,1 trillion a day.

Banks being sued include Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Japan’s MUFG Bank, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered and UBS.

Banks are accused in violating antitrust regulation of US as they manipulated currencies from 2003 to 2013 for their benefits by exchanging confidential orders and trading positions.

These actions resulted in restricted trading, lower competition and artificially higher prices, which hurt investment companies.

Central bank of Norway was among plaintiffs. Many of them are looking for the similar litigation in London.