The law firms of Siskinds LLP, Sotos LLP, Koskie Minsky LPP, and Camp Fiorante Matthews Mogerman LLP 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. Siskinds’ Québec-based affiliate, Siskinds Desmeules, also filed a similar action on behalf of Québec residents.
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.
General information about the lawsuit will be posted on www.canadianfxnationalclassaction.ca.
Developments
New Settlements
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 were 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.
Previous Settlements
Previous settlements totaling approximately $109 million were reached with the following defendants:
- Bank of America Corporation, Bank of America, N.A., Bank of America Canada, and Bank of America, National Association (CDN$6,500,000);
- Bank of Tokyo-Mitsubishi UFJ (Canada) and The Bank of Tokyo Mitsubishi UFJ Ltd. (CDN$450,000);
- Barclays Bank PLC, Barclays Capital Inc., and Barclays Capital Canada Inc. (CDN$19,677,205.88);
- BNP Paribas Group, BNP Paribas North America Inc., BNP Paribas (Canada), and BNP Paribas (CDN$4,500,000);
- Citigroup, Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada Inc. (CDN$21,000,000);
- Goldman, Sachs & Co., The Goldman Sachs Group, Inc., and Goldman Sachs Canada Inc. (CDN$6,750,000);
- HSBC Holdings PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA, N.A., and HSBC Bank Canada (CDN$15,500,000);
- JPMorgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, and JPMorgan Chase Bank, National Association (CDN$11,500,000);
- Royal Bank of Scotland Group PLC, RBS Securities, Inc., Royal Bank of Scotland N.V., and Royal Bank of Scotland plc (CDN$13,220,000);
- Société Générale S.A., Société Générale, and Société Générale (Canada) (CDN$1,800,000);
- Standard Chartered plc (CDN$900,000);
- UBS AG, UBS Securities LLC, and UBS Bank (Canada) (CDN$4,950,000);
- Morgan Stanley (USD$2,300,000); and
- Bank of Montreal, BMO Financial Corp., BMO Harris Bank N.A., and BMO Capital Markets Limited (CDN$250,000)
The settlements have been approved by the courts in Ontario and Quebec.
In order to receive a payment from the settlements, a claim form had to be submitted by January 15, 2020 using the online claims process at http://www.canadianfxnationalclassaction.ca/. The claims administrator is finalizing their review of all submitted claims. After their review, payments will be made to approved claimants.
Contested Litigation
On June 13, 2018, The Ontario Court of Appeal released its decision permitting the plaintiffs to amend their statement of claim to add the BMO and TD defendants. Please click here to view of copy of the Decision and related Press Release.
An amended application for authorization was also filed in Quebec by Siskinds Desmeules to include those Defendants to the class action. You can view a copy of the amended application for authorization here (French only).
By reasons dated April 14, 2020, Justice Perell certified the action as a class proceeding. To view a copy of the certification decision, please click here.
If the TD, RBC, Credit Suisse and Deutsche Bank settlements are approved, they will resolve the class action in its entirety.
FAQs
What is a class action?
A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).
Do I have to pay anything to participate in the class action?
No, class counsel are paid on a contingency fee basis. This means that class counsel are only paid if successful in the litigation. Class counsel fees are payable out of any recovery achieved in the litigation. Class counsel fees are subject to court approval.
Who is affected by the class action?
You are affected by the class action (a “class member”) if you entered into an “FX Instrument” in Canada between January 1, 2003 and December 31, 2013 either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that entered into an “FX Instrument”.
An “FX Instrument” includes 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 in Canada or on a Canadian exchange.
Can I join the class action?
There are no steps required to “join” the class action. Unless you opted-out (excluded yourself from the class action), assuming you fall within the scope of the class definition, you are automatically included in the class action.
Can I exclude myself from the class action?
The time to opt-out of the class action has passed.
What should I do to protect my rights?
To protect your rights, you should:
- Keep records of any Canadian purchases or sales of FX Instruments between January 1, 2003 and December 31, 2013; and
- Register to receive updates on this case by filling out the form below.
I still have a question. Who should I contact?
If you have any other questions, please complete the contact form below.
Documents
New Settlement
- Long Form Notice of Settlement Approval Hearing [English] [French]
- Short Form Notice of Settlement Approval Hearing [English] [French]
- TD Settlement Agreement
- RBC Settlement Agreement
- Credit Suisse Settlement Agreement
- Deutsche Bank Settlement Agreement
Previous Settlements
Amended Documents Regarding the Claims Process
In November 2020, the Ontario Court approved amendments to the Distribution Protocol. These amended documents are below:
In August 2019, the Ontario and Quebec Courts approved amendments to various documents related to the settlement administration. These amended documents are below.
- Amended Short Form Notice of Claims Process [English] [French]
- Amended Long Form Notice of Claims Process [English] [French]
- Amended Administration Protocol [English] [French]
- Amended Distribution Protocol [English] [French]
- Amendments to Settlement Administration Order (Ontario)
- Amendments to Settlement Administration Order (Quebec)
Original Documents Regarding the Claims Process
- Long Form Notice of Claims Process [English] [French]
- Short Form Notice of Claims Process [English] [French]
- Administration Protocol [English] [French]
- Distribution Protocol [English] [French]
- Plan of Allocation Order (Ontario)
- Plan of Allocation Order - Morgan Stanley (Ontario)
Settlement Agreements
- Bank of America Settlement Agreement
- Bank of Tokyo Mitsubishi UFJ Settlement Agreement
- Barclays Settlement Agreement
- BNP Paribas Settlement Agreement
- Citi Settlement Agreement
- Goldman Sachs Settlement Agreement
- HSBC Settlement Agreement
- JPMorgan Chase Settlement Agreement
- Royal Bank of Scotland Settlement Agreement
- Société Générale Settlement Agreement
- Standard Chartered Settlement Agreement
- UBS Settlement Agreement
- Morgan Stanley Settlement Agreement
- BMO Settlement Agreement
Settlement Approval Orders (Ontario)
- Bank of America Settlement Approval Order
- Bank of Tokyo Mitsubishi UFJ Settlement Approval Order
- Barclays Settlement Approval Order
- BNP Paribas Settlement Approval Order
- Citi Settlement Approval Order
- Goldman Sachs Settlement Approval Order
- HSBC Settlement Approval Order
- JPMorgan Chase Settlement Approval Order
- Royal Bank of Scotland Settlement Approval Order
- Société Générale Settlement Approval Order
- Standard Chartered Settlement Approval Order
- UBS Settlement Approval Order
- Morgan Stanley Approval Order