November 21, 2022 Update
On January 8, 2022, the Court issued an Order in which it approved the Claims Administrator’s claim determinations and proposed distribution calculations. A claimant filed an appeal challenging the partial denial of its claim. The Court has arranged for oral arguments to be made on February 7, 2023 in an effort to resolve this matter. Further updates will be posted as they are received.
What is this About?
This lawsuit alleges Citigroup, MUFG Bank, Standard Chartered, Société Générale, Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, RBC, RBS, and UBS (the “Defendants”) conspired to fix foreign currency (“FX”) instrument prices causing people to be overcharged when purchasing an FX Instrument from an individual or entity and that individual or entity transacted in an FX Instrument directly with a Defendant or one of Defendants’ alleged co- conspirators. Defendants maintain that these claims lack merit. The settlements are not evidence of liability or wrongdoing. On November 19, 2020, the Court granted final approval of the Settlements.
You are if: (1) you purchased an FX Instrument from an individual or entity from December 1, 2007 through July 17, 2020, and that individual or entity in turn transacted in an FX Instrument directly with a Defendant or alleged co-conspirator; and (2) you lived in NY, AZ, CA, FL, IL, MA, MN, or NC at the time of the transaction.
What do the Settlements provide?
The $23,630,000 Settlement Fund, less court-approved fees and costs, will be distributed based on the greater of (1) a pro rata award based on transaction volume of FX Instrument purchases with a discount applied for purchases after December 31, 2013, or (2) a de minimis award. See the Plan of Allocation located in the Documents Sections for detailed payout information.
How can I get payment?
Claim Forms must have been filed no later than March 19, 2021. Should you have any questions, please contact the Claims Administrator at 1-844-245-3777 or email at [email protected]
What are my Rights?
Exclude: The deadline to exclude yourself was October 15, 2020 and has now passed.
When will the Court decide?
A Fairness Hearing was held on November 19, 2020 at 11:30 a.m. at the Thurgood Marshall US Courthouse, 40 Foley Square, NY, NY 10007, in Courtroom 1106 to consider whether to approve the Settlements and fee application. The Settlements were approved.