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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
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
I see something in informed delivery. Did anyone receive a check? If so how much
I see something too but my mail gets delivered after 5 pm.
Darn really hoping someone already opened theirs…does yours look like a postcard?
yes, it does look like a postcard.
Did u get the check, buddy? How much is it?
I AGREE JP Morgan Greed
Add me to list please.
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.