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Foreign Exchange Manipulation

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The law firms of Koskie Minsky LLP, Sotos LLP, Siskinds LLP, and Camp Fiorante Matthews Mogerman are counsel in a class action against financial institutions (the “Defendants”) who conspired among themselves to fix, raise, maintain, stabilize, control, or enhance unreasonably the price of currency purchased in the foreign exchange or foreign currency market (the “FX Market”), and to fix, maintain, control, prevent, lessen, eliminate, or unduly lessen the supply of foreign currencies on the FX Market.

Beginning at least as early as 2003 and continuing through 2013, it is alleged that the Defendants conspired with each other to fix prices in the FX market.

In order to receive a payment from the settlements, you must submit a claim form by January 15, 2020. Claims can be submitted online at the ForEx Class Action website.

Submit a Claim

You are included in this lawsuit if you are a Person in Canada who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument (means all instruments traded in the FX Market, including FX spot transactions, outright forwards, FX swaps, FX options, FX futures contracts and options on FX futures contracts.) 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 action on or before December 5, 2016.

Settlement Class Members who wish to apply for compensation under the settlements will have to file a claim. Settlement Class Members will have to rely on their own records in order to file a claim. The deadline and procedure for filing a claim was reviewed at the approval hearing and those details are posted online in the Documents section of this website. Settlement Class Members who wish to apply for compensation under the settlements must apply no later than January 15, 2020. Claims that are not made within the deadline will not be eligible for compensation.

If you require assistance in submitting a claim, please call the claims administrator toll-free at 1-800-375-9070 or write to [email protected]

Settlements

Settlements have been achieved with the following defendants, totaling approximately $106.7 million:

  • Bank of America Corporation, Bank of America, N.A., Bank of America Canada, and Bank of America, National Association (CDN$6,500,000);
  • Bank of Tokyo-Mitsubishi UFJ (Canada) and The Bank of Tokyo Mitsubishi UFJ Ltd. (CDN$450,000);
  • Barclays Bank PLC, Barclays Capital Inc., and Barclays Capital Canada Inc. (CDN$19,677,205.88);
  • BNP Paribas Group, BNP Paribas North America Inc., BNP Paribas (Canada), and BNP Paribas (CDN$4,500,000);
  • Citigroup, Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada Inc. (CDN$21,000,000);
  • Goldman, Sachs & Co., The Goldman Sachs Group, Inc., and Goldman Sachs Canada Inc. (CDN$6,750,000);
  • HSBC Holdings PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA, N.A., and HSBC Bank Canada (CDN$15,500,000);
  • JPMorgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, and JPMorgan Chase Bank, National Association (CDN$11,500,000);
  • Morgan Stanley (USD$2,300,000);
  • Royal Bank of Scotland Group PLC, RBS Securities, Inc., Royal Bank of Scotland N.V., and Royal Bank of Scotland plc (CDN$13,220,000);
  • Société Générale S.A., Société Générale, and Société Générale (Canada) (CDN$1,800,000);
  • Standard Chartered plc (CDN$900,000); and
  • UBS AG, UBS Securities LLC, and UBS Bank (Canada) (CDN$4,950,000).

The settlements have been approved by the courts in Ontario and Quebec.

For more information about the settlements and how you can apply to receive a payment from the settlements, please click here.

By Order dated August 1, 2019 and August 23, 2019, the Ontario and Quebec Courts approved various amendments to the settlement administration, including extending the claims deadline from August 19, 2019 to January 15, 2020.

In order to receive a payment from the settlements, you must submit a claim form by January 15, 2020. Claims can be submitted online at the ForEx Class Action website.

Important Documents:

For further information, please click the following link to visit the ForEx Class Action website.




Foreign Exchange Manipulation - Status Updates:

September 23, 2019

Foreign Exchange Manipulation (ForEx) Class Action - View

January 17, 2019

Foreign Exchange Manipulation - View

March 10, 2017

Foreign Exchange Manipulation - View

October 12, 2016

Foreign Exchange Manipulation - View

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