Overview:
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.
Settlement Class Members
You are included in this lawsuit if you are a Person in Canada who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument 1 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 action 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.
What Are Your Options?
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT | |
| DO NOTHING | If you do not oppose Class Counsels’ request for fees and expenses or the Distribution Protocol and you wish to claim benefits under the settlements, you do not need to do anything at this time, but you are encouraged to register online using the “Register for Notice Mailing” link above to receive updates about the class action. |
| REGISTER FOR NOTICE MAILING | If and when the Distribution Protocol is approved, Settlement Class Members who wish to apply for compensation under the settlements will have to file a claim. Settlement Class Members will have to rely on their own records in order to file a claim. The deadline and procedure for filing a claim will be reviewed at the approval hearing and those details will be available in a further notice to be distributed by mail or email and posted online on this website. In order to receive this further notice, you should register online using the “Register for Notice Mailing” link above. |
| OBJECT TO OR COMMENT ON THE DISTRIBUTION PROTOCOL | If you wish to object to or comment on Class Counsel’s request for fees and expenses or the proposed Distribution Protocol, or make submissions at the approval hearing, you must provide a written submission to Class Counsel at the address listed below, postmarked no later than June 29, 2018, or by reviewing FAQ 8. Class Counsel will forward all such submissions to the courts. All written submissions will be considered by the courts. If you do not submit written submissions postmarked by June 29, 2018, you may not be entitled to participate at the approval hearing, through oral submissions or otherwise. |
| GO TO THE HEARING | Settlement Class Members may attend the approval hearing if they desire. If you wish to attend the approval hearing, please contact Class Counsel for additional details. |