Overview
Class action lawsuits in Ontario and Quebec allege an unlawful conspiracy to fix prices in the foreign exchange market (the “FX Market”). Beginning at least as early as 2003 and continuing through 2013, it is alleged that the Defendants communicated directly with each other to coordinate their: (i) fixing of spot prices; (ii) controlling and manipulating FX benchmark rates; and (iii) exchanging key confidential customer information in an effort to trigger client stop loss orders and limit orders. The Defendants’ alleged conspiracy affected dozens of currency pairs, including the U.S. and Canadian dollar (USD/CAD) currency pair, which is one of the world’s highest volume trading currency pairs. Due to the importance of spot prices, it is alleged that the Defendants’ alleged conspiracy impacted all manner of FX instruments, including those trading both over-the counter and on exchanges.
FX Instruments include FX spot transactions, outright forwards, FX swaps, FX options, FX futures contracts, options on FX futures contracts, and other instruments traded in the FX Market.
Class
In Canada outside of Quebec, you are included in the Settlement Class if:
you are a person in Canada who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that entered into an FX Instrument and you did not opt-out of the lawsuit on or before December 5, 2016.
In Quebec, you are included in the Settlement Class if:
you are a person in Quebec who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument[1] either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that entered into an FX Instrument and you did not opt-out of the lawsuit on or before December 5, 2016.
“FX Instruments” includes FX spot transactions, outright forwards, FX swaps, FX options, FX futures contracts, options on FX futures contracts, and other instruments traded in the FX Market. Excluded from the class are the Defendants, their parent companies, subsidiaries, and affiliates; provided, however, that Investment Vehicles are not excluded from the class.
Defendants
- UBS AG, UBS Securities LLC and UBS Bank (Canada)
- BNP Paribas Group
- Bank of America Corporation
- The Goldman Sachs Group, Inc.
- JPMorgan Chase & Co., J.P. Morgan Bank Canada
- Citigroup Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada
- Barclays Bank PLC, Barclays Capital Inc., and Barclays Capital Canada Inc.
- HSBC Holdings PLC
- Royal Bank of Scotland Group PLC,
- Standard Chartered PLC
- The Bank of Tokyo Mitsubishi UFJ, Ltd.
- Société Générale S.A., Société Générale (Canada)
Settlements |
$106,747,205 |
|---|---|
| UBS AG, UBS Securities LLC and UBS Bank (Canada) | $4,950,000 |
| BNP Paribas Group | $4,500,000 |
| Bank of America Corporation | $6,500,000 |
| The Goldman Sachs Group, Inc. | $6,750,000 |
| JPMorgan Chase & Co., J.P. Morgan Bank Canada | $11,500,000 |
| Citigroup Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada | $21,000,000 |
| Barclays Bank PLC, Barclays Capital Inc., and Barclays Capital Canada Inc. | $19,677,205 |
| HSBC Holdings PLC | $15,500,000 |
| Royal Bank of Scotland Group PLC | $13,220,000 |
| Standard Chartered PLC | $900,000 |
| The Bank of Tokyo Mitsubishi UFJ, Ltd. | $450,000 |
| Société Générale S.A., Société Générale (Canada) | $1,800,000 |
Filing Deadline: Contact SRG
To learn more about this settlement and how SRG can help you in the recovery process, please contact us:
Settlement Recovery Group, LLC (“SRG”) is not the official claims administrator, class counsel or any party in the case. SRG is a third party claims filing service that can be hired to file and track claims. We specialize in helping companies and small businesses file claims to obtain their fair share of settlement money from class action lawsuits once a settlement has been reached. Our services are voluntary and are not required to file a claim; claimants may file a no-cost claim on their own. This summary is for informational purposes only and is based on SRG’s review of publicly available case documents. Official information can be found on the case website and on the court docket. This summary is not and should not be construed as legal, tax, or other professional advice.
Questions?
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Jersey City, NJ 07310
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