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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.

New Settlements

A national settlement has been reached with Morgan Stanley for USD$2.3 million, subject to court approval in Ontario and Quebec.

Motions to approve the Morgan Stanley Settlement will be heard in the:

  • Ontario Court on January 24, 2019 at 10:00 a.m.
  • Quebec Court on February 8, 2019 at 9:30 a.m.

At the approval hearings, the Ontario and Quebec courts will also be asked to apply the Distribution Protocol to the Settlement Amount.

Previous 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);
  • 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.

In order to receive a payment from the settlements, you must submit a claim form by August 19, 2019. 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:

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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