Navigating the $2.3 Billion Foreign Exchange Benchmark Rate Antitrust Settlement

As the market leader in helping institutional investors and pension funds maximize recoveries, Securities Class Action Services (“SCAS”) is working closely with many of its clients to assist with the claims filing process surrounding this incredibly large and complicated settlement. In fact, in terms of investor recoveries, this specific F/X case will likely be the largest antitrust settlement with a claim deadline date during the 2018 calendar.

Here are a few specific – and critically important – facts surrounding this settlement:

Case Stage

Settlement w/ 15 defendant banks (see below); the final remaining defendant (Credit Suisse) has yet to legally settle.

Claim Deadline Date

March 22, 2018

Extended: May 16, 2018

Class Period

January 1, 2003 – December 15, 2015

Claims Administrator

Garden City Group

Lead Counsels
for Plaintiffs

Scott + Scott, Hausfeld


There are no security ID’s for this settlement; “FX Instruments” means FX spot transactions, forwards, swaps, futures, options, and any other FX instrument or FX transaction the trading or settlement value of which is related in any way to FX rates.

How to Participate

Option 1

The claims administrator, Garden City Group, will calculate an estimate of your eligible transactions using data from the Settling Defendants (all those listed below).

Option 2

You must submit data and documentation of your eligible trades using required templates. Additionally, if you wish to make a claim for FX Exchange-Traded Instruments, you must also provide a list of the future commission merchants (FCM’s) at which you maintained accounts or transactions/held FX Exchange-Traded Instruments from January 1, 2003 to December 15, 2015, as well as a list of related account names and account numbers. Please note that FX Exchange-Traded Instruments are only eligible if a claimant has no trades in FX Instruments.

Settling Defendant Amount
BTMU $10,500,000
Bank of America $187,500,000
Barclays $384,000,000
BNP Paribas $115,000,000
Citigroup $402,000,000
Deutsche Bank $190,000,000
Goldman Sachs $135,000,000
HSBC $285,000,000
JPMorgan $104,500,000
Morgan Stanley $50,000,000
RBC $15,500,000
RBS $255,000,000
Soc Gen $18,000,000
Standard Chartered $17,200,000
UBS $141,075,000
Total Settlements $2,310,275,000

As noted above, SCAS is assisting many clients with preparing and submitting claims related to “Option 2.” Be assured – unlike many other organizations looking to assist institutional investors at the last minute – SCAS’ experienced research and operations staff have been closely monitoring this case since its inception, back in 2013.

With SCAS, never miss an opportunity for recovery. Learn more about this settlement and how SCAS can help your organization participate.

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