Always trade with a regulated broker…
So that when they fix prices you can sue them for millions. LOL
Class action lawsuits in Ontario and Quebec allege an unlawful conspiracy to fix prices in the foreign exchange market (the “FX Market”). Beginning at least as early as 2003 and continuing through 2013, it is alleged that the Defendants communicated directly with each other to coordinate their: (i) fixing of spot prices; (ii) controlling and manipulating FX benchmark rates; and (iii) exchanging key confidential customer information in an effort to trigger client stop loss orders and limit orders. The Defendants’ alleged conspiracy affected dozens of currency pairs, including the U.S. and Canadian dollar (USD/CAD) currency pair, which is one of the world’s highest volume trading currency pairs. Due to the importance of spot prices, it is alleged that the Defendants’ alleged conspiracy impacted all manner of FX instruments, including those trading both over-the-counter and on exchanges.
- Who are the Settlement Class Members?
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 Instrument1 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 Instrument1 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.
1 “FX Instruments” includes 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.
Excluded from the class are the Defendants, their parent companies, subsidiaries, and affiliates; provided, however, that Investment Vehicles are not excluded from the class.
- What Settlements have been reached?
Court approved settlements have been reached with the following Defendants:
Settled Defendants Settlement Amount
UBS AG, UBS Securities LLC and UBS Bank (Canada) $4,950,000
BNP Paribas Group, BNP Paribas North America, Inc., BNP Paribas (Canada), and BNP Paribas $4,500,000
Bank of America Corporation, Bank of America, N.A., Bank of America Canada, and Bank of America National Association $6,500,000
The Goldman Sachs Group, Inc., Goldman, Sachs & Co., and Goldman Sachs Canada Inc. $6,750,000
JPMorgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, and JPMorgan Chase Bank National Association $11,500,000
Citigroup Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada Inc. $21,000,000
Barclays Bank PLC, Barclays Capital Inc., and Barclays Capital Canada Inc. $19,677,205.88
HSBC Holdings PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA, N.A., and HSBC Bank Canada $15,500,000
Royal Bank of Scotland Group PLC, RBS Securities, Inc., Royal Bank of Scotland N.V., and Royal Bank of Scotland plc $13,220,000
Standard Chartered plc $900,000
The Bank of Tokyo Mitsubishi UFJ, Ltd., and Bank of Tokyo-Mitsubishi UFJ (Canada) $450,000
Société Générale S.A., Société Générale (Canada) and Société Générale $1,800,000
The settlement funds are being held in interest-bearing Guaranteed Investment Certificates for the benefit of Settlement Class Members (less court-approved counsel fees and disbursements). In addition to the above-noted monetary benefits, each of the above-listed settlements requires the Settled Defendants to provide cooperation and/or certain documents and information to the Plaintiffs in the continued prospection of the Canadian proceedings.
The Canadian proceedings continue against Credit Suisse Group AG, Credit Suisse Securities (USA) LLC, Credit Suisse AG, Credit Suisse Securities (Canada) Inc, Deutsche Bank AG, Morgan Stanley, Morgan Stanley Canada Limited, Royal Bank of Canada, and RBC Capital Markets LLC.
The settlements are a compromise of disputed claims and the Defendants do not admit any wrongdoing or liability.