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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