May 19, 2023 Update
On May 19, 2023, the Court issued an Order in which it approved the Claims Administrator’s distribution calculations for interest income that accrued on the settlement funds. The Court Previously approved the Claims Administrator's distribution calculations of the Net Settlement Funds. The Claims Administrator is now preparing to conduct the distribution of the Net Settlement Funds. 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.