Foreign Exchange Benchmark Rates Antitrust Settlement

Overview

Plaintiffs allege that the Defendants (see below) conspired to fix prices in the foreign exchange (“FX”) market in violation of the Sherman Act. Nine defendants have so far agreed to pay over $2 billion in settlements. The plaintiffs claim that the bank employees colluded to trade in ways that would create favorable fixed rates and manipulate the global foreign exchange market.

Filing Deadline

Not Yet Established

The Direct Settlement Class

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. Specifically excluded from the Direct Settlement Class are Defendants; Released Parties; coconspirators; the officers, directors, or employees of any Defendant, Released Party, or coconspirator; any entity in which any Defendant, Released Party, or co-conspirator has a controlling interest; any affiliate, legal representative, heir, or assign of any Defendant, Released Party, or co-conspirator and any person acting on their behalf; provided, however, that Investment Vehicles shall not be excluded from the definition of the Direct Settlement Class. Also excluded from the Direct Settlement Class are any judicial officer presiding over this action and the members of his/her immediate family and judicial staff, and any juror assigned to this Action.

The Exchange-Only Settlement Class:

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 the United States or its territories, entered into FX Exchange-Traded Instruments on a U.S. exchange. Specifically excluded from the Exchange-Only Settlement Class are Defendants; Released Parties; coconspirators; the officers, directors, or employees of any Defendant, Released Party, or coconspirator; any entity in which any Defendant, Released Party, or co-conspirator has a controlling interest; any affiliate, legal representative, heir, or assign of any Defendant, Released Party, or co-conspirator and any person acting on their behalf; provided, however, that Investment Vehicles shall not be excluded from the definition of the Exchange-Only Settlement Class. Also excluded from the Exchange-Only Settlement Class are: (i) any judicial officer presiding over this action and any member of his/her immediate family and judicial staff, and any juror assigned to this Action; and (ii) any Person who, between January 1, 2003 and the date of the Preliminary Approval Order, entered into an FX Instrument directly with a Defendant, a direct or indirect parent, subsidiary, or division of a Defendant, a Released Party, or coconspirator, where such Person was 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.

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

 

Partial Settlements: $2,009,075,000

JP Morgan $ 104,500,000
UBS $141,075,000
Citigroup $402,000,000
Bank of America $187,500,000
Barclays $384,000,000
HSBC $285,000,000
RBS $255,000,000
Goldman Sachs $135,000,000
BNP Paribas $115,000,000

 

Questions?

Settlement Recovery Group LLC
480 Washington Blvd., 29th Floor
Jersey City, NJ 07310
Tel: (888) 605-7617
Fax: (866) 519-2861

Send us an email