By Andrew Lasky, Legal Product Specialist
FIVE ADDITIONAL BANKS REACHED SETTLEMENTS IN THE FOREX CASE
On Friday, July 28, 2017, five additional banks (Morgan Stanley, Societe Generale, Standard Chartered, RBC, Bank of Tokyo Mitsubishi) reached settlements totaling $111.2 million with investors who suffered as a result of the banks’ manipulation of foreign exchange rates. These five banks will join the nine other banks who had previously settled in December 2015, bringing the settlement pool to over $2 billion. This also brings the total number of settled bank defendants to 14 out of 16. Along with the preliminary approval over new settlements, counsel moved for approval of an updated notice and plan of distribution covering both the original nine settlements and the additional 5 new settlements.
While plaintiffs are excited that 14 banks have agreed to provide billions in relief to affected investors, 2 banks – Credit Suisse AG and Detusche Bank AG – have yet to reach settlement. The 14 settled banks have agreed to assist investors in pursuing their continued litigation and help focus the claims on the remaining two banks. Though US investors who traded domestically have experienced drastic relief, investors who traded in other markets will have to pursue their actions outside of the United States.
FRT will continue to monitor this matter and alert you to progress of this action. In the meantime, you can follow the link to the Law360 article, and visit our FX case spotlight for more details including case background, timing and frequently asked questions we’re fielding from our clients.
DEFENDANTS AND SETTLEMENTS
|SETTLEMENT DEFENDANTS||SETTLEMENT AMOUNT|
|* Settled as of July 28, 2017|
|Bank of America||$187,500,000|
|Bank of Tokyo Mitsubishi UFJ*||$10,500,000|
|TOTAL SETTLEMENT AMOUNT||$2,120,275,000|
FOR MORE INFORMATION
- FX Case Spotlight
- Whitepaper: Antitrust – The Evolving Fiduciary Landscape
- Whitepaper: 2016 Year In Review – Global, Antitrust and U.S. Securities Class Action
- FX FAQ: How will eligibility be determined?
- FX FAQ: How do I know whether I’m eligible for recovery?
- FX FAQ: When is the claims administration process likely to begin?