On December 20, 2016, the U.S. District Court for the Southern District of New York issued an order approving the notice, claim form, and plan of distribution in the Foreign Exchange Benchmark Rates Antitrust Litigation (also referred to as “FX” or “Forex”).
These documents have not yet been distributed to eligible class members, though we had anticipated that they would be this month. However, this month, the claims administrator provided the following update:
“Plaintiffs continue to engage in confidential settlement discussion and data collection and propose to update the Court by filing a status report on or before June 1, 2017, on which date Plaintiffs anticipate providing the Court with a proposed timeline for notice.”
Case Timeline / Deadlines
- On January 27, 2017, class counsel requested an extension of time until May 2017 to send notices, which the court granted with the condition that class counsel provide periodic updates on their progress toward dissemination.
- Under the proposed notice and claim form submitted to the court in August 2016, the original timeline called for dissemination of the notice no later than February 1, 2017. Given the delay, we expect the deadline to be pushed back. On May 1, class counsel provided a brief update and notified the Court that they would file a status report on or before June 1, 2017.
- As a result, FRT is preparing for the Forex administration with the expectation that notices will go out and the claim form will go live after June 1, 2017.
We are monitoring the docket for any further updates on this timeline, and will notify if there are additional changes to it.
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