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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.

Settlements with Goldman Sachs, JPMorgan and CITI

The Ontario court has certified this action for settlement purposes against three additional groups of defendants:

  • The Goldman Sachs Group, Inc., Goldman, Sachs & Co., Goldman Sachs Canada Inc. (collectively, “Goldman Sachs”);
  • JPMorgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, JPMorgan Chase Bank National Association (collectively, “JPMorgan”); and
  • Citigroup Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively, “CITI”).

The Ontario court has approved a notice of certification for settlement purposes which, among other things, explains what the class action is about and the options for anyone who objects to the settlements reached with Goldman Sachs, JPMorgan and CITI. The motion to approve these settlements, and class counsel’s request for fees, in Ontario is scheduled for April 13, 2017 and in Quebec on May 2, 2017.

Settlements with UBS, BNP and Bank of America

The Ontario court has certified this action for settlement purposes against the following defendants: UBS AG, UBS Securities LLC and UBS Bank (Canada) (collectively, “UBS”); BNP Paribas Group, BNP Paribas North America, Inc., BNP Paribas (Canada), and BNP Paribas (collectively, “BNP”); and Bank of America Corporation, Bank of America, N.A., Bank of America Canada, and Bank of America National Association (collectively “Bank of America”).

The Ontario court has approved a notice of certification for settlement purposes which, among other things, explains what the class action is about and the options for anyone who does not want to participate in the class action or who wants to participate but objects to the settlements reached with UBS, BNP and/or Bank of America. The motion to approve the UBS, BNP and Bank of America settlements, and class counsel’s request for fees, in Ontario is scheduled for November 9, 2016 and in Quebec on November 15, 2016.

Important Documents:

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




Foreign Exchange Manipulation - Status Updates:

March 10, 2017

Foreign Exchange Manipulation - View

October 12, 2016

Foreign Exchange Manipulation - View

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