NOTABLE CASES

Canadian FX Antitrust Settlement Exceeds $100 Million

APRIL 9, 2019

SETTLEMENT AMOUNT

$106,747,206

CLAIM DEADLINE

August 19, 2019

CASE SUMMARY

The Complaint alleges that the Defendants conspired to manipulate the prices of currency trades for at least a 10 year period, resulting in billions of dollars in illegal gains. The Complaint further alleges that, through the daily use of chat rooms with revealing names such as “The Cartel,” “The Bandits’ Club,” and “The Mafia,” the Defendants communicated directly with each other to coordinate their actions in order to move the foreign exchange benchmark rates, including U.S. and Canadian dollar. This affected not only those investors who directly purchased foreign exchange instruments, but those whose investments were in funds (including mutual funds and pension funds) that dealt in foreign currency.

CLASS DEFINITION

In Canada outside of Quebec, you are included in the Settlement Class if:

  • You are a person in Canada who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument 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 lawsuit on or before December 5, 2016.

In Quebec, you are included in the Settlement Class if:

  • You are a person in Quebec who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument 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 lawsuit on or before December 5, 2016.

INCLUDED FX INSTRUMENTS

FX Spot Transactions, Outright Forwards, FX Swaps, FX Options, FX Futures Contracts, Options on FX Futures Contracts, and other instruments traded in the FX Market.

SETTLING DEFENDANTS

Settled Defendants Settlement Amount
Bank of America Corporation $6,500,000
Bank of Tokyo Mitsubishi $450,000
Barclays Bank $19,677,206
BNP Paribas Group $4,500,000
Citigroup $21,000,000
The Goldman Sachs Group $6,750,000
HSBC $15,500,000
JPMorgan Chase & Co. $11,500,000
Royal Bank of Scotland Group $13,220,000
Société Générale $1,800,000
Standard Chartered $900,000
UBS $4,950,000

CLASS PERIOD

January 1, 2003 – December 31, 2013

CLAIM ADMINISTRATOR

Garden City Group (Epiq Systems) – http://www.canadianfxnationalclassaction.ca

LEAD COUNSEL

Ontario Action: Sotos LLP; Koskie Minsky LLP; Siskinds LLP; Camp Fiorante Matthews Mogerman

Quebec Action: Siskinds Desmeules, s.e.n.c.r.l.

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