FX Case Update (February 2018): The FOREX Antitrust Deadline Is Approaching – Are You Confident You Have Received All Your Claim Notices?
By Andrew Lasky, Legal Product Specialist, Financial Recovery Technologies (updated on March 13, 2018 with revised claims filing deadline per the claims administrator)
The Forex Antitrust claims filing deadline is approaching (was pushed from March 22, 2018 to May 16, 2018). As the date quickly approaches, institutions have become increasingly concerned with receiving claim notices for all their eligible accounts. As we mentioned previously, ensuring you’ve received notices for all affected accounts is critical, as each notice contains unique log-in credentials necessary to access the administration portal.
Some institutions are receiving hundreds, if not thousands, of claim notices for this large and complex case. The sheer volume can make it difficult for firms to be able to tell if they have received notices across all of their eligible accounts.
There are a number of reason why clients may not have received notices for certain accounts including if clients traded FOREX through a prime broker or investment manager, if the customer records from the settling defendants were inaccurate, or if notices were sent to the wrong party in their organization.
How can FRT Help?
FRT is working directly with the claims administrator on this case. For clients who may be unsure if they received all their notices, we can work with the administrator to locate all potentially eligible accounts, as well as each account’s unique log-in credentials. For many clients, this could mean the difference between filing for hundreds versus thousands of eligible accounts with the potential for millions in recovery. For one client, FRT was able to locate 1,900 eligible accounts with corresponding log-in credentials.