EN /FR
Forex Canadian Class Action
The law firms of Koskie Minsky LLP, Sotos LLP, Siskinds LLP, and Camp Fiorante Matthews Mogerman are counsel in a class action against financial institutions (the “Defendants”) who conspired among themselves to fix, raise, maintain, stabilize, control, or enhance unreasonably the price of currency purchased in the foreign exchange or foreign currency market (the “FX Market”), and to fix, maintain, control, prevent, lessen, eliminate, or unduly lessen the supply of foreign currencies on the FX Market.
Beginning at least as early as 2003 and continuing through 2013, it is alleged that the Defendants conspired with each other to fix prices in the FX market. Through the daily use of multiple chat rooms with revealing names such as “The Cartel,” “The Bandits’ Club,” and “The Mafia,” the Defendants communicated directly with each other to coordinate their: (i) fixing of spot prices; (ii) 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’ 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, the Defendants’ conspiracy impacted all manner of FX Instruments, including those trading both over-the-counter and on exchanges.
It is alleged that to give effect to their conspiracy, the Defendants did the following:
- created and participated in exclusive interbank chat rooms;
- improperly shared confidential client and proprietary trading information;
- executed coordinated trading strategies to influence the FX rates;
- monitored the conduct of co-conspirators to ensure secrecy and compliance with the conspiracy;
- used code names and misspelled words in interbank communications to evade detection; and
- agreed to “stand down” by holding off buying or selling currency to benefit co-conspirators.
The Defendants are as follows:
- Bank of America Corporation
- Bank of America, N.A.
- Bank of America Canada
- Bank of America, National Association
- Bank of Tokyo Mitsubishi UFJ Ltd.
- Bank of Tokyo-Mitsubishi UFJ (Canada)
- Barclays Bank PLC
- Barclays Capital Inc.
- Barclays Capital Canada Inc.
- BNP Paribas Group
- BNP Paribas North America Inc.
- BNP Paribas (Canada)
- BNP Paribas
- Citigroup, Inc.
- Citibank, N.A.
- Citibank Canada
- Citigroup Global Markets Canada Inc.
- Credit Suisse Group AG
- Credit Suisse Securities (USA) LLC
- Credit Suisse AG
- Credit Suisse Securities (Canada) Inc
- Deutsche Bank AG
- The Goldman Sachs Group, Inc.
- Goldman, Sachs & Co.
- Goldman Sachs Canada Inc.
- HSBC Holdings PLC
- HSBC Bank PLC
- HSBC North America Holdings Inc.
- HSBC Bank USA, N.A.
- HSBC Bank Canada
- JPMorgan Chase & Co.
- J.P. Morgan Bank Canada
- J.P. Morgan Canada
- JPMorgan Chase Bank, National Association
- Morgan Stanley
- Morgan Stanley Canada Limited
- Royal Bank of Canada
- RBC Capital Markets LLC
- Royal Bank of Scotland Group PLC
- RBS Securities, Inc.
- Royal Bank of Scotland N.V.
- Royal Bank of Scotland plc
- Société Générale S.A.
- Société Générale (Canada)
- Société Générale
- Standard Charter plc
- UBS AG
- UBS Securities LLC
- UBS Bank (Canada)
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Latest Developments
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May 6, 2022
The Ontario and Quebec Courts have approved the settlements with the last four Defendants in this action.
The Courts previously 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.
All settlement funds will be distributed pursuant to the Distribution Protocol.
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August 24, 2021
Settlements have been reached with the following defendants, totalling 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 in Ontario on September 23, 2021 at 10:00 a.m. by video conference and in Quebec on October 19, 2021 at 9:00.
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.
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June 17, 2020
Bank of Montreal, BMO Financial Corp., BMO Harris Bank N.A. and BMO Capital Markets Limited. (collectively the “BMO”) entered into a formal settlement agreement, whereby BMO agreed to pay CAD$250,000. The settlement is a compromise of disputed claims and BMO does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to review a copy of the Settlement Agreement.
The Ontario court has approved a notice of certification for settlement purposes which, among other things, explains what steps someone can take if they object to the settlement. The motion to approve the BMO settlement, and class counsel’s request for fees and reimbursement of its disbursements, in Ontario is scheduled for July 16, 2020, and in Quebec is scheduled for August 7, 2020. Please click here to review the Notices in English, and click here to review the Notices in French.
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April 14, 2020
On April 14, 2020, Justice Perell certified this class proceeding against the remaining Defendants who have not yet settled. The certified Class includes: all persons in Canada who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument transaction with a named Defendant’s salesperson, either directly or through an intermediary. A copy of the Certification Reasons can be found here.
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March 18, 2019
The case management judge “paused” the action pending a decision in a related matter from the Supreme Court of Canada.
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January 16, 2019
The portal to make an application for compensation under the settlement fund in this action is now open. A copy of the notice explaining how to apply for compensation is available here.
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November 2, 2018
A settlement has been reached with Morgan Stanley. The hearing to approve the settlement is scheduled for January 24, 2019.
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June 13, 2018
TD and BMO to be Added as Defendants to FX Class Action
On June 13, 2018, the Court of Appeal for Ontario released its decision in the Canadian Foreign Exchange Class Action, permitting the plaintiffs to amend their statement of claim to add TD and BMO as defendants to an existing class action alleging a secret conspiracy to manipulate the foreign exchange market. The Court of Appeal held that the motion judge erred in dismissing the plaintiffs’ motion to add TD and BMO as defendants on the basis that the claim against TD and BMO was statute-barred.
As a result of the Court of Appeal’s decision, the following entities will be added as defendants:
- On behalf of TD:
- Toronto Dominion Bank
- TD Securities
- TD Bank USA, N.A.
- TD Group Holdings
- TD Bank N.A.
- On behalf of BMO:
- Bank of Montreal
- BMO Financial Corp
- BMO Harris Bank N.A.
- BMO Capital Markets Limited
A Press Release has been issued on June 13, 2018. To view a copy of the Press Release, please click here. To view the Reasons for Decision, please click here.
- On behalf of TD:
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June 6, 2018
The Ontario court will hold a hearing on July 4, 2018 at 10:00AM at Osgoode Hall, 130 Queen Street West, Toronto, Ontario during which Class Counsel will seek court approval of a protocol for distributing the aggregate settlement funds, plus accrued interest, less a reserve fund, court approved legal fees and other expenses (the “Distribution Protocol”). The reserve fund will be held in a trust account for the benefit of Settlement Class Members. Class Counsel will apply to the Ontario and Quebec courts to have the reserve funds applied against future disbursements and/or adverse costs awards.
A summary of the Distribution Protocol and more information about the July 4th hearing can be found in the Short Form Notice available here and in the Long Form Notice available here. These notices only summarize the Distribution Protocol. A copy of the Distribution Protocol is available here.
Also during the July 4th hearing, Class Counsel will be seeking approval of its fees and disbursements. Class Counsel will be requesting legal fees of up to 18.5% of the settlement funds, less legal fees previously awarded, plus disbursements and applicable taxes, be approved by the courts and paid out of the settlement funds.
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September 18, 2017
The Ontario court has approved the settlements reached with Bank PLC, Barclays Capital Inc., 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; 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 also approved Class Counsel’s disbursement request. Please click here to review the Reasons for Decision.
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July 7, 2017
The Ontario court has certified this action for settlement purposes against the following defendants: 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 a notice of certification for settlement purposes which, among other things, explains what steps someone can take if they object to the settlements reached with BTMU and/or SocGen. The motion to approve the BTMU and SocGen 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 to review the notices.
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July 4, 2017
Société Générale S.A., Société Générale (Canada) and Société Générale (collectively “SocGen,”) entered into a formal settlement agreement whereby SocGen agreed to pay CAD$1,8000,000. The settlement is a compromise of disputed claims and SocGen does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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June 30, 2017
The Bank of Tokyo Mitsubishi UFJ, Ltd., Bank of Tokyo-Mitsubishi UFJ (Canada) (collectively, “BTMU”) entered into a formal settlement agreement whereby BTMU agreed to pay CAD$450,000. The settlement is a compromise of disputed claims and BTMU does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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June 26, 2017
The Ontario court has certified this action for settlement purposes against the following 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”); and Standard Chartered plc (“Standard Chartered”).
The Ontario court has approved a notice of certification for settlement purposes which, among other things, explains what steps someone can take if they object to the settlements reached with Barclays, HSBC, RBS and/or Standard Chartered. The motion to approve the Barclays, HSBC, RBS and Standard Chartered 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 to review the notices.
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May 29, 2017
Standard Chartered plc entered into a formal settlement agreement whereby Standard Chartered plc agreed to pay CAD$900,000. The settlement is a compromise of disputed claims and Standard Chartered plc does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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May 29, 2017
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”) entered into a formal settlement agreement whereby RBS agreed to pay CAD$13,220,000. The settlement is a compromise of disputed claims and RBS does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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May 24, 2017
HSBC Holdings PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA, N.A., HSBC Bank Canada (collectively, “HSBC”) entered into a formal settlement agreement whereby HSBC agreed to pay CAD$15,500,000. The settlement is a compromise of disputed claims and HSBC does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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April 20, 2017
The Ontario court has approved the settlement agreements reached with 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 also approved Class counsel’s disbursement request and a portion of the fee request. Please click here to review the Reasons for Decision.
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April 13, 2017
Bank PLC, Barclays Capital Inc., Barclays Capital Canada Inc. (collectively, “Barclays”) entered into a formal settlement agreement whereby Barclays agreed to pay CAD$$19,677,205.88. The settlement is a compromise of disputed claims and Barclays does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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December 14, 2016
The Ontario court has certified this action for settlement purposes against the following 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 steps someone can take if they object to the settlements reached with Goldman Sachs, JPMorgan and/or Citi. The motion to approve the Goldman Sachs, JPMorgan and Citi settlements, and class counsel’s request for fees, in Ontario is scheduled for April 13, 2017 and in Quebec on May 2, 2017. Please click here to review the notice.
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November 29, 2016
Citigroup Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively, “Citi”) entered into a formal settlement agreement whereby Citi agreed to pay CAD$21,000,000. The settlement is a compromise of disputed claims and Citi does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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November 28, 2016
JPMorgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, JPMorgan Chase Bank National Association (collectively, “JPMorgan”) entered into a formal settlement agreement whereby JPMorgan agreed to pay CAD$11,500,000. The settlement is a compromise of disputed claims and JPMorgan does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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November 9, 2016
The Ontario court has approved the settlement agreements reached with 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 also approved Class Counsels’ fee and disbursement request. Please click here to review the Reasons for Decision.
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October 14, 2016
The Goldman Sachs Group, Inc., Goldman, Sachs & Co., Goldman Sachs Canada Inc. (collectively, “Goldman Sachs”) entered into a formal settlement agreement whereby Goldman Sachs agreed to pay CAD$6,750,000. The settlement is a compromise of disputed claims and Goldman Sachs does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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October 6, 2016
An amended statement of claim was issued.
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August 16, 2016
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. Please click here to review the notice. Please click here for the opt-out form.
The Trustees of the Labourers’ Pension Fund of Central and Eastern Canada have been added to the claim as a proposed representative plaintiff.
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July 29, 2016
Bank of America Corporation, Bank of America, N.A., Bank of America Canada, and Bank of America National Association (collectively “Bank of America”) entered into a formal settlement agreement whereby Bank of America agreed to pay CAD$6,500,000. The settlement is a compromise of disputed claims and Bank of America does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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July 27, 2016
BNP Paribas Group, BNP Paribas North America, Inc., BNP Paribas (Canada), and BNP Paribas (collectively “BNP”) entered into a formal settlement agreement whereby BNP agreed to pay CAD$4,500,000. The settlement is a compromise of disputed claims and BNP does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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May 20, 2016
UBS AG, UBS Securities LLC and UBS Bank (Canada) (collectively “UBS”) entered into a formal settlement agreement whereby UBS agreed to pay CAD$4,950,000. The settlement is a compromise of disputed claims and UBS does not admit any wrongdoing or liability. The settlement agreement must be approved by the courts for its terms to become effective. Please click here to view a copy of the settlement agreement.
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September 11, 2015
The statement of claim was issued on September 11, 2015
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May 6, 2022
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Documents
- August 24, 2021 Long Form Notice of Settlement Approval Hearing - English
- August 24, 2021 Long Form Notice of Settlement Approval Hearing - French
- August 24, 2021 Short Form Notice of Settlement Approval Hearing - English
- August 24, 2021 Short Form Notice of Settlement Approval Hearing - French
- June 17, 2020 BMO - French Short Form Notice
- June 17, 2020 BMO - French Long Form Notice
- June 17, 2020 BMO - English Short Form Notice
- June 17, 2020 BMO - English Long Form Notice
- June 17, 2020 BMO Settlement Agreement
- April 14, 2020 Certification Reasons
- January 16, 2019 Notice of Claims Process - French
- January 16, 2019 Notice of Claims Process - English
- June 13, 2018 Reasons for Decision
- June 13, 2018 Press Release
- June 6, 2018 Administration and Distribution Protocols
- June 6, 2018 Long Form Notice – English
- June 6, 2018 Short Form Notice – English
- August 18, 2017 Long and Short Form Legal Notices
- August 18, 2017 Long and Short Form Legal Notices - French
- July 4, 2017 SocGen-FX-Settlement-Agreement
- June 30, 2017 Bank of Tokyo Mitsubishi FX settlement Agreement
- May 29, 2017 Standard Chartered Settlement Agreement
- May 29, 2017 RBS Settlement Agreement
- May 24, 2017 HSBC Settlement Agreement
- April 13, 2017 Barclays Settlement Agreement
- April 13, 2017 Reasons for Decision
- February 24, 2017 Long Form Notice (English)
- February 24, 2017 Avis détaillé (Français)
- February 24, 2017 Short Form Notice (English)
- February 24, 2017 Avis abrégé (Français)
- December 14, 2016 Order – Certification for Settlement Purposes and Notice Approval
- December 14, 2016 Reasons – Certification for Settlement Purposes and Notice Approval
- November 29, 2016 Citi settlement agreement
- February 28, 2016 JPMorgan settlement agreement
- October 14, 2016 Goldman Sachs settlement agreement
- October 6, 2016 Amended Statement of Claim
- October 7, 2016 Short Form Notice (English)
- October 7, 2016 Avis abrégé
- October 7, 2016 Long Form Notice (English)
- October 7, 2016 Avis détaillé
- October 7, 2016 Opt Out Form (English)
- October 7, 2016 Formulaire d'exclusion
- August 16, 2016 Order - Certification for Settlement Purposes and Notice Approval
- August 16, 2016 Reasons - Certification for Settlement Purposes and Notice Approval
- May 20, 2016 UBS settlement agreement
- July 27, 2016 BNP settlement agreement
- July 29, 2016 Bank of America settlement agreement
- September 11, 2015 Statement of Claim
- September 11, 2015 Press Release
- September 11, 2015 Communiqué de presse
