U.K. to Sue ECB Over Planned Restrictions on Clearing Houses

Britain will sue the European Central Bank over plans to prevent some euro-denominated securities from being cleared outside the 17 countries that share the currency, in the first such move by a government.

The U.K. will present a legal challenge against the ECB over its location policy for clearing houses at the European Court of Justice in Luxembourg today, the Treasury in London said in an e-mailed statement yesterday.