U.S. antitrust suits alleging abuses by investment banks around FOREX, LIBOR, and other benchmark rates have recovered billions of dollars for harmed investors. There are more than 50 active antitrust cases in various stages of litigation that could yield large volumes of recoveries dollars.

Here are three Antitrust Class Action Settlements to keep on your radar for early 2020 so you don’t miss out on significant recovery opportunities:

#1 FX Canada – $109.8m (CAD)

Claim Deadline: January 15, 2020

This class action arises from an alleged conspiracy among the defendants to fix, raise, maintain, stabilize, control, or enhance unreasonably the prices of currency purchased in the FX or foreign currency market (the “FX Market”). To recover from the settlement funds, you must be a resident of Canada.

The biggest challenge for FX Canada may be simply locating your transactions. The relevant class period goes back more than a decade which pre-dates the requirement for custodians to hold transaction data. Therefore, your custodian most likely will not have your data because it is either no longer in their fund accounting system and/or you changed custodians, so all your transactions are not kept in the same place.

>> READ THE CASE SPOTLIGHT

#2 GSE Bonds – $386.5m (USD)

Claim Deadline: February 5, 2020

Defendants are being sued for alleged improper practices including fixing prices for newly issued GSE Bonds set “free to trade” in the secondary market after initial syndication; fixing prices for GSE Bonds that were about to go “off-the-run” in order to artificially inflate the prices for newly issued Bonds still “on-the-run”; and conspiring to widen the bid-ask spread for GSE bonds in the secondary market.

>> READ THE CASE UPDATE

#3 Euroyen – $71m (USD)

Claim Deadline: March 3, 2020

This settlement resolves allegations that defendants manipulated and/or aided in the manipulation of two daily benchmark rates – the Yen-LIBOR and Euroyen TIBOR – which impacted the prices of Euroyen-based derivatives between January 1, 2006 and June 30, 2011.

The total settlement is broken down into two groups of settling defendants:

1. A $32 million settlement involving defendant banks Sumitomo Mitsui Trust Bank, The Bank of Yokohama Ltd., Shinkin Central Bank, The Shoko Chukin Bank Ltd. and Resona Bank Ltd.
2. A $39 million settlement involving defendants Mizuho Bank Ltd., The Norinchukin Bank and Sumitomo Mitsui Banking Corp.

The eight Japanese banks join five other banks  who had previously settled with affected investors last year. This brings the settlement pool to $307 million, and the total number of settled bank defendants to 13. Outstanding claims remain against 20+ non-settling defendants.

>> READ THE CASE UPDATE

Learn More

To learn more about how FRT can help your firm maximize recoveries in antitrust and all shareholder class action settlements, email us at  learnmore@frtservices.com.

• Whitepapers:
  • A Primer on Antitrust Litigation
  • Antitrust – The Evolving Fiduciary Landscape
• Blogs:
  • Why the Deutsche Bank Settlement is Good News for Investors in the GSE Bond Market
  • Euroyen Case Update (October 2019): Eight Japanese Banks Receive Preliminary Approval for $71M Settlement
  • A look back at Antitrust Litigation in 2018
  • FX Case Update (March 2019): Memo filed in support of motion for initial distribution
  • FX Case Update (August 2019): Two Settlements of Indirect Forex Suits Have Received Preliminary Approval
  • Euroyen Case Update (February 2018): Bank of Tokyo Mitsubishi UFJ Ltd and Mitsubishi UFJ Trust and Bank Corp Reaches Settlement in the Euroyean Case > 30 million
• Case Spotlight
  • Case Spotlight: FX Canada
• Webinar:
  • Lessons Learned from Recent Shareholder Litigation Cases Outside the United States

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