By Andrew Laskey, Legal Product Specialist, Financial Recovery Technologies
On Friday, September 29, 2017, Deutsche Bank agreed to a $190 million settlement with investors who suffered as a result of the banks’ manipulation of foreign exchange rates over a 6 year period.
Deutsche Bank joins the additional 14 other banks who had previously settled with affected investors. This brings the settlement pool to $2.3 billion, and the total number of settled bank defendants to 15 out of 16. Credit Suisse AG remains the only bank not to settle in the case. Deutsche Bank has agreed to cooperate with plaintiff counsel in hopes of achieving a settlement with Credit Suisse.
While 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. Law firm Scott & Scott, acting co-lead counsel in the Forex case, have indicated that they plan on pursuing action outside of the U.S. in hopes of bringing relief to those who traded in foreign markets. By bringing suits overseas, there is hope for drastically increasing the size of the overall settlement pool.
>> To read the Law360 article, click here (may require a subscription).
FRT will continue to monitor this matter and alert you to progress of this action. In the meantime, you can visit our FX case spotlight for more details including case background, timing and frequently asked questions we’re fielding from our clients.