Major banks, including JPMorgan (JPM), UBS (UBS), and Citigroup (C), won a court ruling to block a 2.7 billion British pounds ($3.2 billion) mass lawsuit in the UK over alleged foreign exchange rigging, Reuters reported on Thursday.

The case was brought by Phillip Evans, a former inquiry chair at the Competition and Markets Authority, on behalf of thousands of asset managers, pension funds, and financial institutions, the report said.

The lawsuit also named Barclays (BCS), MUFG (MUFG), and NatWest (NWG), the report said.

The claims were based on findings by the European Commission, which fined several banks more than 1 billion euros in 2019 for collusion in the foreign exchange market, the report said.

"The judgment provides welcome guidance on how opt-out applications such as this should be managed by the courts," UBS told MT Newswires in an emailed statement.

JPMorgan, Citigroup, Barclays, MUFG, and NatWest did not immediately respond to MT Newswires' request for comment.

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