Three Upcoming Antitrust Deadlines in Q1 2020

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.

About FRT

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Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

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