Foreign Exchange Manipulation (FOREX) - Sotos Class Actions
OVERVIEW

Foreign Exchange Manipulation (FOREX)

September 8, 2022:  The settlement is currently being administered.  Further details can be found at https://www.canadianfxnationalclassaction.ca.

A class action lawsuit seeking $1 billion in damages on behalf of Canadian investors was launched on September 11, 2015 in the Ontario Superior Court of Justice. At the same time, a motion for authorization of a class action was filed in the Quebec Superior Court. Sotos LLP is one of three firms representing the plaintiff class. The class actions allege that the defendants, the world’s dominant foreign exchange dealers, conspired to manipulate the prices of currency trades for at least a ten-year period, resulting in billions of dollars in illegal gains.

For more information go to: www.canadianfxnationalclassaction.ca

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Updates
  • September 8, 2022:  The settlement is currently being administered.  Further details can be found at https://www.canadianfxnationalclassaction.ca
  • September 27, 2021: The settlement approval and fees motions were heard on September 23, 2021 in Ontario and the Court approved the settlements. The Quebec Court will hear the settlement approval motions on October 19, 2021 at 9:00 a.m. Pending approval of the Quebec Court payouts are expected to occur in mid-2022. Once these settlement motions are approved the class action will be fully settled against all Defendants. Please click here to read the Decision of Justice J. Perell.
  • August 23, 2021: Settlements have been reached with the following defendants, totaling approximately $23.8 million:
    • Toronto Dominion Bank, TD Bank, N.A., TD Group Holdings, LLC, TD Bank USA, N.A., and TD Securities Limited (CDN$4,500,000);
    • Royal Bank of Canada and RBC Capital Markets LLC (CDN$6,556,000);
    • Credit Suisse Group AG, Credit Suisse Securities (USA) LLC, Credit Suisse AG, Credit Suisse Securities (Canada), Inc. (CDN$5,560,000); and
    • Deutsche Bank AG (USD$7,220,000)

    Motions to approve the settlements will be heard by video conference in Ontario on September 23, 2021 at 10:00 a.m. and in Quebec on October 19, 2021 at 9:00 a.m.
    The Ontario and Quebec Courts approved a method for disseminating the settlement funds achieved pursuant to previous settlements (the “Distribution Protocol”). The deadline to apply for settlement benefits expired on January 15, 2020. The Claims Administrator is currently processing claims.
    Class Counsel propose to distribute the settlement funds pursuant to the Distribution Protocol.  No further claims period is being contemplated.

  • April 14, 2020: The Honourable Justice Perell released his decision to certify the claim as a class action. Click here to read a copy of the certification decision.
  • October 30, 2019: The motion for certification was adjourned and will be heard in Toronto during the week of February 24, 2020. The location of the hearing will be posted a week before the hearing.
  • March 18, 2019: The motion for certification will be heard on October 7-8; 10-11, 2019. The location of the hearing will be posted here one week before.
  • September 11, 2015: Lawsuit initiated in Ontario Superior Court of Justice and Quebec Superior Court.
  • SETTLEMENT (Bank of Montreal, BMO Financial Corp., BMO Harris Bank N.A. and BMO Capital Markets Limited)

    The Ontario court has certified this action for settlement purposes against an additional group of defendants:

    • Bank of Montreal;
    • BMO Financial Corp.;
    • BMO Harris Bank N.A.; and
    • BMO Capital Markets Limited.

    The Ontario court has approved notices of certification for settlement purposes which, among other things, explain what the class action is about and the options for anyone who objects to the settlements reached with BMO. The motion to approve these settlements, and class counsel’s request for fees and disbursements, in Ontario is scheduled for July 16, 2020 and in Quebec on August 7, 2020. Please click here (English, French) to review the notices.

  • Settlements (BARCLAYS, HSBC, RBS, STANDARD CHARTERED, BTMU AND SOCGEN)

    The Ontario court has certified this action for settlement purposes against six additional groups of defendants:

    • Barclays Bank PLC, Barclays Capital Inc. and Barclays Capital Canada Inc. (collectively, “Barclays”);
    • HSBC Holdings PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA, N.A., HSBC Bank Canada (collectively, “HSBC”);
    • The Royal Bank of Scotland Group plc, RBS Securities Inc., The Royal Bank of Scotland N.V., and The Royal Bank of Scotland plc. (collectively, “RBS”);
    • Standard Chartered plc (“Standard Chartered”);
    • The Bank of Tokyo Mitsubishi UFJ, Ltd., Bank of Tokyo- Mitsubishi UFJ (Canada) (collectively, “BTMU”); and
    • Société Générale S.A., Société Générale (Canada) and Société Générale (collectively, “SocGen”).

    The Ontario court has approved notices of certification for settlement purposes which, among other things, explain what the class action is about and the options for anyone who objects to the settlements reached with Barclays, HSBC, RBS, Standard Chartered, BTMU and SocGen. The motion to approve these settlements, and class counsel’s request for reimbursement of its disbursements in Ontario is scheduled for September 18, 2017 and in Quebec on September 22, 2017.  Please click here (English, French) to review the notices.

  • Settlements (Goldman Sachs, JPMorgan and Citi)

    The Ontario court has certified this action for settlement purposes against three additional groups of defendants:

    • The Goldman Sachs Group, Inc., Goldman, Sachs & Co., Goldman Sachs Canada Inc. (collectively, “Goldman Sachs”);
    • JPMorgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, JPMorgan Chase Bank National Association (collectively, “JPMorgan”); and
    • Citigroup Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively, “CITI”).

    The Ontario court has approved a notice of certification for settlement purposes which, among other things, explains what the class action is about and the options for anyone who objects to the settlements reached with Goldman Sachs, JPMorgan and CITI. The motion to approve these settlements, and class counsel’s request for fees, in Ontario is scheduled for April 13, 2017 and in Quebec on May 2, 2017.

  • Settlements (UBS, BNP and BANK OF AMERICA)

    The Ontario court has certified this action for settlement purposes against the following defendants:

    • UBS AG, UBS Securities LLC and UBS Bank (Canada) (collectively, “UBS”);
    • BNP Paribas Group, BNP Paribas North America, Inc., BNP Paribas (Canada), and BNP Paribas (collectively, “BNP”); and
    • Bank of America Corporation, Bank of America, N.A., Bank of America Canada, and Bank of America National Association (collectively “Bank of America”).

    The Ontario court has approved a notice of certification for settlement purposes which, among other things, explains what the class action is about and the options for anyone who does not want to participate in the class action or who wants to participate but objects to the settlements reached with UBS, BNP and/or Bank of America. The motion to approve the UBS, BNP and Bank of America settlements, and class counsel’s request for fees, in Ontario is scheduled for November 9, 2016 and in Quebec on November 15, 2016.

Documents

PLEADINGS

PRESS RELEASES

Contacts

David Sterns

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Louis Sokolov

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Karen Whibley

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