Canadian Foreign Exchange Price-Fixing Class Action Settlement

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” 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.

Settlement Class Members

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 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 by 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 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.

 

Direct Claimants:

  • Settlement Class members who directly entered into an FX Instrument, either with a Defendant or another financial institution, may submit documentation of their FX transaction volumes using their own records and will submit those records to the Claims Administrator.


Indirect Claimants:

  • Settlement Class members who indirectly transacted in an FX Instrument by virtue of participating in or trading in an investment vehicle, such as a mutual fund, which was incorrectly valued due to the Defendants’ misconduct may submit their own trading records of their participation or investments in such investment vehicles to the Claims Administrator.

 

Defendants

  • Bank of America
  • Bank of Tokyo-Mitsubishi
  • Barclays
  • BNP Paribas
  • Citigroup
  • Credit Suisse
  • Deutsche Bank
  • Goldman Sachs
  • HSBC
  • JP Morgan
  • Morgan Stanley
  • RBC
  • Royal Bank of Scotland
  • Societe Generale
  • Standard Chartered
  • UBS

 

Settling Defendants: $106,747,205

UBS $4,950,000
BNP Paribas $4,500,000
Bank of America $6,500,000
Goldman Sachs $6,750,000
JP Morgan Chase $11,500,000
Citigroup $21,000,000
Barclays $19,677,205
HSBC $15,500,000
RBS $13,220,000
Standard Chartered $900,000
Bank of Tokyo-Mitsubishi $450,000
Societe Generale $1,800,000

 

Filing Deadline:

To Be Determined

 

SRG is not affiliated with the official claims administrator, class counsel or any party in the case.  Settlement Recovery Group, LLC (SRG) is a third party service that can be hired to file and track claims. We specialize in helping companies file claims to obtain their 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. This summary is provided for informational purposes only and is based on SRG’s review of publicly available case documents. Official documents and information regarding the case can be found on the Court’s website and case docket. This summary is not and should not be construed as legal, tax or other professional advice.

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