Forex Canadian Class Action, June 13, 2018

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.

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