FRT Insights


FX Case Update (August 2019): Two Settlements of Indirect Forex Suits Have Received Preliminary Approval

On Monday, July 29, 2019, a federal judge in New York preliminary approved the first two settlements of Indirect FOREX suits.  The settlements were with Citigroup ($10 million) and MUFG Bank Ltd. ($985K). Litigation continues against more than ten other big banks that allegedly manipulated the foreign exchange markets between 2007 and 2013.

These settlements are separate from the $2.3 billion recovered in the Direct FOREX litigation as they involve retail purchasers who bought from those who transacted directly with the settling banks and are part of the larger Direct FOREX recovery. Plaintiffs estimate the settlement class here encompasses roughly 99,198 investors in eight states – NY, AZ, CA, FL, IL, MA, MN, and NC – states whose laws give rights to indirect purchasers.

Plaintiffs have 120 days to seek court approval for a proposed class notice and distribution plan, and notices will be sent within 60 days after their approval.

FRT will continue to monitor this matter for key dates that impact this Antitrust case.

 To read the Law360 article, click here (may require a subscription).

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Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

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