CANADIAN FOREX ANTITRUST SETTLEMENT
WHAT IS THIS SETTLEMENT ABOUT?
The lawsuit alleges that beginning in early 2003 and continuing through 2013, leading banks 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 losses and limit orders. The alleged conspiracy affected dozens of currency pairs, including the U.S. and Canadian dollar (US/CAD) currency pair. It is alleged that the alleged conspiracy impacted all manner of FX instruments, including those trading both over the counter and on exchanges.
Settlements have been reached with the following defendants totaling over $106 million:
UBS Bank: $4,950,000
Bank of America: $6,500,000
Goldman Sachs: $6,750,000
JP Morgan: $11,500,000
Royal Bank of Scotland: $13,220,000
Standard Chartered: $900,000
Bank of Tokyo Mitsubishi: $450,000
Societe Generale: $1,800,000
Who is Eligible for the Settlement?
Persons in Canada, who between January 1, 2003 and December 31, 2013, directly entered into an FX instrument. FX Instruments include 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.