Foreign Exchange Manipulation Overview
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: forexclassaction.ca
Foreign Exchange Manipulation Updates
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.
Foreign Exchange Manipulation Documents
- Long-Form and Short-Form Notices (English) – Barclays, HSBC, RBS, Standard Chartered, BTMU & SocGen
- Long-Form and Short-Form Notices (French) – Barclays, HSBC, RBS, Standard Chartered, BTMU & SocGen
- Long-Form Notice (English) – Barclays, HSBC, RBS, Standard Chartered, BTMU & SocGen
- Long-Form Notice (French) – Barclays, HSBC, RBS, Standard Chartered, BTMU & SocGen
- Order of Justice Perell, dated July 7, 2017
- Reasons for Decision, dated July 7, 2017
- Order of Justice Perell, dated June 26, 2017
- SocGen Settlement Agreement (July 4, 2017)
- BTMU Settlement Agreement (June30, 2017)
- Standard Chartered Settlement Agreement (May 29, 2017)
- RBS Settlement Agreement (May 29, 2017)
- HSBC Settlement Agreement (May 24, 2017)
- Barclays Settlement Agreement (April 13, 2017)
- Long Form Notice (English) – Goldman Sachs, JPMorgan and Citi
- Avis détaillé (Français) – Goldman Sachs, JPMorgan and Citi
- Short Form Notice (English) – Goldman Sachs, JPMorgan and Citi
- Avis abrégé (Français) – Goldman Sachs, JPMorgan and Citi
- Order – Certification for Settlement Purposes and Notice Approval – Goldman Sachs, JPMorgan and Citi (December 14, 2016)
- Citi Settlement Agreement (November 29, 2016)
- JPMorgan Settlement Agreement (November 28, 2016)
- Goldman Sachs Settlement Agreement (October 14, 2016)
- Reasons for Decision – Settlement and Fee Approval (UBS, BNP and Bank of America)
- Bank of America Settlement Agreement (July 29, 2016)
- BNP Settlement Agreement (July 27, 2016)
- UBS Settlement Agreement (May 20, 2016)
- Reasons – Certification for Settlement Purposes and Notice Approval
- Order – Certification for Settlement Purposes and Notice Approval
- Formulaire d’exclusion
- Opt Out Form
- Avis détaillé
- Long Form Notice of Certification for Settlement
- Avis abrégé
- Short Form Notice of Certification
Foreign Exchange Manipulation News
Frequently Asked Questions
A class action is a special form of lawsuit in which one plaintiff brings a claim against one or more defendants based on allegations which are common to a group, or class, of people. In order for the action to become a class action, it must proceed through a stage known as “certification”.
A statement of claim is issued on behalf of a “representative plaintiff”. The representative plaintiff’s role is to work with class counsel to bring the action forward and to represent the class members in court.
In order for an action to proceed on behalf of the entire class, a judge must decide (among other things) whether the members of the proposed class have common issues, and whether a class action is the preferred way to resolve the issues. The process to decide these issues is known as the “certification motion”. If the judge is satisfied that the case meets all of the requirements for certification, he or she will issue an order which certifies the action as a class action.
No. If the lawsuit is certified, and you are included in the class as defined, you are automatically included in the lawsuit.
No. We will work primarily with the class representative.
Those who do not wish to remain in the class will be given the option to opt-out by sending an opt-out form at the appropriate time to us.
Certification as a class action will enable us to prove the facts in a single lawsuit rather than in numerous individual lawsuits. This has obvious benefits to the class members and to the courts.
There is no timeframe. We will move the case forward diligently but it can take a considerable period of time to reach trial.
Many class actions settle and thereby remove the need for a trial. However, we cannot predict with any certainty whether or not there will be a settlement in a given action.
The chances of “winning” can never be accurately predicted.
Class action lawsuits are typically brought on a contingency fee basis. This means that the lawyers will only be paid if the action is successful at trial or results in a settlement in favour of the plaintiffs. Legal fees would then be paid out of the settlement or judgment proceeds as approved by a judge.
Disbursements (i.e. out-of-pocket expenses, including expert reports) may be dealt with in one of two ways.
Most commonly, the lawyers will absorb the cost of disbursements. The lawyers may seek funding assistance from the Class Proceeding Fund, which may provide funding for disbursements if granted.
In some cases, disbursements may be funded by the class members, including the class representative. This typically occurs in smaller class actions brought on behalf of an organization or network of individuals where each member of the class is easily identifiable and known to the representative plaintiff. If the class action is successful, amounts advanced for disbursements are re-paid from the proceeds of any judgment or settlement to class members (and others).
Only the class representative may be liable for costs of the common issues portion of the action if it is unsuccessful.
A “payout” or an award for damages is never certain.
The action may settle or it may proceed to trial, at which time a judge will determine the amount of damages, if any, to which the class members are entitled to. Regardless, the amount of “payout” cannot be predicted, and we cannot predict when the action may settle or when the trial will conclude.
If the lawsuit is certified as a class action, you will receive a formal notice from the court explaining the nature of the case and providing you with the opportunity to opt out if you wish. General information about the lawsuit will be posted on Sotos LLP’s website at https://www.sotosclassactions.com.
We ask that you keep a copy of any documents, correspondences, records, invoices, receipts, etc. that you feel might be relevant to your individual claim in the class action. If there is a “payout,” this documentation may be required in order to support your claim for compensation.
It is not required that you send any documents to us at this time.