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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.

On April 14, 2020, Justice Perell certified this class proceeding against the remaining Defendants who have not yet settled. The certified Class includes: all persons in Canada who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument transaction with a named Defendant’s salesperson, either directly or through an intermediary.

New Settlement

A settlement has been reached in the litigation with Bank of Montreal, BMO Financial Corp., BMO Harris Bank N.A., and BMO Capital Markets Limited (“BMO”) for $250,000.

The hearings to approve the BMO settlement are:

  • Ontario – July 16, 2020 at 10am (ET) by videoconference
  • Quebec – August 7, 2020 at 10am (Quebec City Courthouse)

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.

The Ontario and Quebec Courts approved a method for disseminating the settlement funds achieved pursuant to the previous settlements. The deadline to apply for settlement benefits expired on January 15, 2020. The Claims Administrator is currently processing claims.

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

Important Documents:

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




Foreign Exchange Manipulation - Status Updates:

June 18, 2020

Foreign Exchange Manipulation (ForEx) Class Action – New Settlement - View

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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