Forex Canadian Class Action, August 24, 2021
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.