Anne Bucher  |  October 12, 2017

Category: Closed Class Actions

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This settlement is closed!

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Settlements have been reached in a consolidated class action lawsuit involving allegations of a price-fixing conspiracy in the foreign exchange (FX) market in violation of federal antitrust law.

If you entered into an FX instrument or FX exchange-traded instrument between Jan. 1, 2003 and Dec. 15, 2015, your rights may be affected by the $2.3 billion class action settlement.

Beginning in November 2013, several major banks and investment firms were hit with a class action lawsuit filed by hedge fund managers and other direct purchasers of the foreign exchange market. The plaintiffs accused the financial institutions of fixing the foreign currency exchange rate, which greatly affected their investments.

The same financial institutions are facing similar allegations from individual investors who purchased foreign exchange-linked shares indirectly.

According to the class action lawsuits, the banks allegedly coordinated trading strategies on a daily basis until 2013, resulting in a manipulated foreign exchange market.

The following settling defendants have agreed to pay more than $2.31 billion to resolve the antitrust class action lawsuits:

  • Bank of America Corporation, Bank of America NA, and Merrill Lynch Pierce Fenner & Smith Incorporated
  • The Bank of Tokyo-Mitsubishi UFJ Ltd.
  • Barclays Bank PLC and Barclays Capital Inc.
  • BNP Paribas Group, BNP Paribas North America Inc., BNP Paribas Securities Corp., and BNP Prime Brokerage Inc.
  • Citigroup Inc., Citibank NA, Citicorp, and Citigroup Global Markets Inc.
  • Deutsche Bank AG and Deutsche Bank Securities Inc.
  • The Goldman Sachs Group Inc. and Goldman Sachs & Co.
  • HSBC Holdings PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA NA, and HSBC Securities (USA) Inc.
  • JPMorgan Chase & Co. and JPMorgan Chase Bank NA
  • Morgan Stanley, Morgan Stanley & Co. LLC, Morgan Stanley & Co. International PLC
  • RBC Capital Markets LLC
  • The Royal Bank of Scotland Group PLC, The Royal Bank of Scotland PLC and RBS Securities Inc.
  • Société Générale
  • Standard Chartered Bank
  • UBS AG, UBS Group AG and UBS Securities LLC

These class action settlements have been preliminarily approved. The settling defendants have also agreed to cooperate with the plaintiffs in pursuing their claims against the non-settling defendants: Credit Suisse Group AG, Credit Suisse AG and Credit Suisse Securities (USA) LLC.

Class Members who would like to opt out of or object to the foreign exchange instrument antitrust settlements must do so no later than Feb. 7, 2018.

Who’s Eligible

Direct Settlement Class Members include: “All Persons who, between January 1, 2003 and December 15, 2015, entered into an FX Instrument directly with a Defendant, a direct or indirect parent, subsidiary, or division of a Defendant, a Released Party, or co-conspirator where such Persons were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, transacted FX Instruments in the United States or its territories.”

Exchange-Only Settlement Class Members include: “All Persons who, between January 1, 2003 and December 15, 2015, entered into FX Exchange-Traded Instruments where such Persons were either domiciled in the United States or its territories or, if domiciled outside of the United States, entered into FX Exchange-Traded Instruments on a U.S. exchange.”

Potential Award

At least $15. The amount of compensation each claimant will receive depends on the total number of Class Members who submit timely and valid Claim Forms.

The distribution of payments will be based on three payment resolution categories.

  • All Class Members who submit valid and timely Claim Forms are entitled to a payment of at least $15.
  • If a Class Member’s expected payment is $150 or less (but more than $15), the Class Member will receive an automatic payment of $150.
  • Claimants whose expected payment is more than $150 will be awarded a pro rata share based on the claimant’s eligible participation amount compared to the eligible participation amount of all claimants.
Proof of Purchase

Not required. However, Class Members may choose to submit a documented claim and submit documentation from one or more of the following sources:

  • Bank confirmations by individual trade
  • Bank transaction reports or statements
  • Trading venue transaction reports or statements
  • Prime broker reports or statements
  • Custodian reports or statements
  • Daily or monthly account statements
  • Other documents evidencing transactions in FX instruments and/or FX exchange-traded instruments.

Please follow the instructions on the Claim Form carefully to prevent your claim from being denied.

Claim Form Deadline

3/22/2018

Case Name

In re: Foreign Exchange Benchmark Rates Antitrust Litigation, Case No. 1:13-cv-07789-LGS, in the U.S. District Court for the Southern District of New York

Final Hearing

5/23/2018

UPDATE: The Foreign Exchange Market Price-Fixing Class Action Settlement was granted final approval on August 6, 2018.  Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

Settlement Website
Claims Administrator

In re: Foreign Exchange Benchmark Rates Antitrust Litigation
c/o Garden City Group LLC
P.O. Box 10239
Dublin, OH 43017-5739
1-888-582-2289
info@FXAntitrustSettlement.com

Class Counsel

Christopher M. Burke
SCOTT+SCOTT ATTORNEYS AT LAW LLP

Michael D. Hausfeld
HAUSFELD LLP

Defense Counsel

Counsel for Bank of America:
Adam Hakki
SHEARMAN & STERLING LLP

Counsel for The Bank of Tokyo-Mitsubishi:
Andrew Finch
Kenneth Gallo
Michael Gertzman
PAUL WEISS RIFKIND WHARTON & GARRISON LLP

Counsel for Barclays Bank:
David Braff
SULLIVAN & CROMWELL LLP

Counsel for BNP Paribas Group:
David Esseks
ALLEN & OVERY LLP

Counsel for Citigroup:
Andrew Ruffino
COVINGTON & BURLING LLP

Counsel for Deutsche Bank:
Joseph Serino, Jr.
LATHAM & WATKINS LLP

Robert Khuzami
KIRKLAND & ELLIS LLP

Counsel for The Goldman Sachs Group:
Thomas Moloney
CLEARY GOTTLIEB STEEN & HAMILTON LLP

Counsel for HSBC:
Edwin Deyoung
LOCKE LORD LLP

Counsel for JPMorgan Chase:
Peter Greene
SKADDEN ARPS SLATE MEAGHER & FLOM LLP

Counsel for Morgan Stanley:
Jonathan Moses
WACHTELL LIPTON ROSEN & KATZ

Counsel for RBC Capital Markets:
James McLoughlin, Jr.
Joshua Lanning
MOORE & VAN ALLEN PLLC

Counsel for The Royal Bank of Scotland:
Joel Cohen
DAVIS POLK & WARDWELL LLP

Counsel for Societe Generale:
James Warnot, Jr.
Adam Lurie
Patrick Ashby
LINKLATERS LLP

Counsel for Standard Chartered Bank:
Andrew Stern
SIDLEY AUSTIN LLP

Counsel for UBS AG:
Joel Sanders
GIBSON DUNN & CRUTCHER LLP

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8 thoughts onForeign Exchange Market Price-Fixing Class Action Settlement

  1. JAMIE says:

    I see something in informed delivery. Did anyone receive a check? If so how much

    1. Ponyta says:

      I see something too but my mail gets delivered after 5 pm.

      1. JAMIE says:

        Darn really hoping someone already opened theirs…does yours look like a postcard?

        1. Ponyta says:

          yes, it does look like a postcard.

    2. Luke says:

      Did u get the check, buddy? How much is it?

  2. ALEXANDER SACERIO says:

    I AGREE JP Morgan Greed

  3. Katherine Wrenfro says:

    Add me to list please.

  4. JP Morgan Greed says:

    This was ridiculous. It took multiple steps to even begin the claim and then I am unable to select option # 1. Yay! Big banks are disgusting.

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.