The law firms of Koskie Minsky LLP, Sotos LLP, Siskinds LLP, and Camp Fiorante Matthews Mogerman LLP (“Class Counsel”) are prosecuting a class action against financial institutions (the “Defendants”) who allegedly 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.
As detailed below, many of the Defendants settled these claims early. These Defendants do not admit to wrongdoing. On April 14, 2020, Justice Perell of the Ontario Superior Court of Justice certified this action as a class proceeding against the Defendants who had not yet settled.
The approved settlements to date are listed below. Class Counsel have obtained new settlements that require court approval. These settlements total approximately $23.8 million and, if approved, would resolve all outstanding claims in this action (collectively, the “New Settlements”):
The hearings to approve the New Settlements will be held as follows:
The Ontario and Quebec Courts have already approved a method for disseminating the settlement funds achieved pursuant to previous settlements (the “Distribution Protocol”). The deadline to apply for settlement benefits expired on January 15, 2020. The Claims Administrator is currently processing claims.
Class Counsel propose to distribute the New Settlements pursuant to the Distribution Protocol and will be seeking court approval for this proposal at the above hearings. No further claims period is being contemplated.
The previously approved settlements were achieved with the following defendants, totaling approximately $109 million:
The above settlements have already been approved by the courts in Ontario and Quebec.
In order to receive a payment from the settlements, a claim form had to be submitted by January 15, 2020 using the online claims process at http://www.canadianfxnationalclassaction.ca/. The claims administrator is finalizing their review of all submitted claims. After their review, payments will be made to approved claimants.
For further information, please click the following link to visit the ForEx Class Action website.
New Settlements: Foreign Exchange Manipulation (ForEx) Class Action - View
Foreign Exchange Manipulation (ForEx) Class Action – New Settlement - View
Foreign Exchange Manipulation (ForEx) Class Action - View
Foreign Exchange Manipulation - View
Foreign Exchange Manipulation - View
Foreign Exchange Manipulation - View