FX Case Update (June 2017): Preliminary timeline and expected preliminary approval of settlement with five more defendants

PRELIMINARY TIMELINE OF NOTICE – MAIL NOTICES SCHEDULED TO BEGIN OCTOBER 2017

On June 1, 2017, Plaintiffs provided the Court a preliminary timeline of notice for re Foreign Exchange Benchmark Rates Antitrust Litigation.

  • October 23, 2017: Mail Notice Begins – provided data and names/addresses are produced by July 31, 2017, date by which mailing of Mail Notice and Claim Form to potential members of Settlement Classes shall begin
  • February 7, 2018: Opt-Out Deadline – deadline for submitting Requests for Exclusion
  • March 22, 2018: Claims Filing Deadline – deadline for submitting Claim Forms
  • May 23, 2018: Fairness Hearing

Link to the filed letter: https://frtservices.com/wp-content/uploads/2017/06/FX_Court-Letter-preliminary-timeline-of-notice.pdf

 

CLASS COUNSEL EXPECTS TO FILE MOTION FOR PRELIMINARY APPROVAL OF A SETTLEMENT WITH FIVE MORE DEFENDANTS

According to a recent Law360 article, class counsel, Christopher M. Burke of Scott & Scott LLP, is expecting to file a motion for preliminary approval of a settlement with five additional defendants, making the total number 14 out of 16. The details of which additional defendants will be settling will not be released until the motion is filed.

  • Settled Defendants : JPMorgan Chase, Citigroup, Barclays PLC, HSBC Holdings PLC, The Royal Bank of Scotland PLC, Goldman Sachs Group Inc., BNP Paribas SA, UBS AG and Bank of America Corp.
  • Not yet Settled Defendants : Morgan Stanley, Credit Suisse AG and Deutsche Bank AG, Japan’s Bank of Tokyo-Mitsubishi, Canada’s RBC Capital Markets LLC, France’s Societe Generale SA and Britain’s Standard Chartered PLC

Link to article: https://www.law360.com/articles/931335/judge-tells-quinn-emanuel-to-cough-up-docs-in-forex-case

 

FOR MORE INFORMATION

For more information on the FX case or to learn how we can help you maximize your recovery, please contact Financial Recovery Technologies at learnmore@frtservices.com.

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