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|
|SUBMIT A CLAIM||The Distribution Protocol was approved by the Ontario Court on July 4, 2018, and the Quebec Court on August 24, 2018. 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 was reviewed at the approval hearing and those details are posted online in the Documents section of this website. Settlement Class Members who wish to apply for compensation under the settlements must apply no later than August 19, 2019. Claims that are not made within the deadline will not be eligible for compensation. Applications for settlement benefits should be submitted via the “Submit a Claim” link above.|
|OBJECT TO OR COMMENT ON THE DISTRIBUTION PROTOCOL||The Distribution Protocol was approved by the Ontario Court on July 4, 2018, and the Quebec Court on August 24, 2018. Objections and comments must have been postmarked by June 29, 2018 to be considered at the Approval hearings.|
|GO TO THE HEARING||The Distribution Protocol was approved by the Ontario Court on July 4, 2018, and the Quebec Court on August 24, 2018. Settlement Class Members had the opportunity to attend the approval hearings if they desired.|