Foreign Exchange Manipulation (FOREX) - Sotos Class Actions
OVERVIEW

Foreign Exchange Manipulation (FOREX)

April 19, 2024: It is expected that settlement administration will be completed within the next 2-3 months, and that payments will go out shortly thereafter.

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

Updates
  • April 19, 2024: It is expected that settlement administration will be completed within the next 2-3 months, and that payments will go out shortly thereafter.
  • 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.

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Contacts

David Sterns

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Louis Sokolov

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Karen Whibley

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Have questions about this case?

What is a class action?

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”.


Who brings a class action lawsuit forward?

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.


What is certification?

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.


Do I have to do anything to “join” the lawsuit?

No. If the lawsuit is certified, and you are included in the class as defined, you are automatically included in the lawsuit.


Once I am part of the class do I have to do anything?

No. We will work primarily with the class representative.


What if I do not want to be included in the lawsuit?

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.


What are the benefits of proceeding as a class action?

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.


How long does it take for a class action to be resolved?

There is no timeframe. We will move the case forward diligently but it can take a considerable period of time to reach trial.


Can a class action lawsuit be settled without going to 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.


What are the chances of winning the action?

The chances of “winning” can never be accurately predicted.


Will be liable for any costs or legal fees?

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).


Will I be liable for costs of the action if it is unsuccessful?

Only the class representative may be liable for costs of the common issues portion of the action if it is unsuccessful.


When can I expect to receive a payout from this class action?

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.


How will counsel keep me updated on the progress of the case?

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.


Where can I send any documents that I have that may be relevant to a class action?

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.