There have been a number of settlements to date. For more information on the settlements, the plan of allocation, and when and how to make a claim, please go to:

Settlements with Goldman Sachs, JPMorgan and Citigroup

The Plaintiffs’ have entered into Settlement Agreements with The Goldman Sachs Group, Inc., Goldman, Sachs & Co., Goldman Sachs Canada Inc. (collectively, "Goldman Sachs"); JP Morgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, JPMorgan Chase Bank National Associate (collectively "JP Morgan"); and Citigroup Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively, "Citi").

If the Settlement Agreements are approved Goldman Sachs has agreed to pay $6,750,000, JP Morgan has agreed to pay $11,500,000, and Citi has agreed to pay $21,000,000 to settle the class actions and provide co-operation to the Plaintiffs in order to continue the cases against the other Defendants.

A Notice providing further information regarding the settlements can be viewed here: English and French.

The law firms of Sotos LLP, Koskie Minsky LPP and Siskinds LLP are counsel in a class action against financial institutions (the "Defendants") who conspired among themselves to fix, raise, maintain, stabilize, control, or enhance unreasonably the price of currency purchased in the foreign exchange or foreign currency market (the "FX Market"), and to fix, maintain, control, prevent, lessen, eliminate, or unduly lessen the supply of foreign currencies on the FX Market.

Beginning at least as early as 2003 and continuing through 2013, it is alleged that the Defendants conspired with each other to fix prices in the FX market. Through the daily use of multiple chat rooms with revealing names such as "The Cartel," "The Bandits’ Club," and "The Mafia," the Defendants communicated directly with each other to coordinate their: (i) fixing of spot prices; (ii) manipulating FX benchmark rates; and (iii) exchanging key confidential customer information in an effort to trigger client stop loss orders and limit orders. The Defendants’ conspiracy affected dozens of currency pairs, including the U.S. and Canadian dollar (USD/CAD) currency pair, which is one of the world’s highest volume trading currency pairs. Due to the importance of spot prices, the Defendants’ conspiracy impacted all manner of FX Instruments, including those trading both over-the-counter and on exchanges.

It is alleged that to give effect to their conspiracy, the Defendants did the following:

  • created and participated in exclusive interbank chat rooms;
  • improperly shared confidential client and proprietary trading information;
  • executed coordinated trading strategies to influence the FX rates;
  • monitored the conduct of co-conspirators to ensure secrecy and compliance with the conspiracy;
  • used code names and misspelled words in interbank communications to evade detection; and
  • agreed to "stand down" by holding off buying or selling currency to benefit co-conspirators.

The Defendants are as follows:

  • Bank of America Corporation
  • Bank of America, N.A.
  • Bank of America Canada
  • Bank of America, National Association
  • Bank of Tokyo Mitsubishi UFJ Ltd.
  • Bank of Tokyo-Mitsubishi UFJ (Canada)
  • Barclays Bank PLC
  • Barclays Capital Inc.
  • Barclays Capital Canada Inc.
  • BNP Paribas Group
  • BNP Paribas North America Inc.
  • BNP Paribas (Canada)
  • BNP Paribas
  • Citigroup, Inc.
  • Citibank, N.A.
  • Citibank Canada
  • Citigroup Global Markets Canada Inc.
  • Credit Suisse Group AG
  • Credit Suisse Securities (USA) LLC
  • Credit Suisse AG
  • Credit Suisse Securities (Canada) Inc
  • Deutsche Bank AG
  • The Goldman Sachs Group, Inc.
  • Goldman, Sachs & Co.
  • Goldman Sachs Canada Inc.
  • HSBC Holdings PLC
  • HSBC Bank PLC
  • HSBC North America Holdings Inc.
  • HSBC Bank USA, N.A.
  • HSBC Bank Canada
  • JPMorgan Chase & Co.
  • JPMorgan Chase Bank, N.A.
  • J.P. Morgan Bank Canada
  • J.P. Morgan Canada
  • JPMorgan Chase Bank, National Association
  • Morgan Stanley
  • Morgan Stanley Canada Limited
  • Royal Bank of Canada
  • RBC Capital Markets LLC
  • Royal Bank of Scotland Group PLC
  • RBS Securities, Inc.
  • Royal Bank of Scotland N.V.
  • Royal Bank of Scotland plc
  • Société Générale S.A.
  • Société Générale (Canada)
  • Société Générale
  • Standard Charter plc
  • UBS AG
  • UBS Securities LLC
  • UBS Bank (Canada)


What is a Class Action?

A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does "certification" mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Who is affected by the class action?

You are affected by the class action (a "class member") if you entered into an "FX Instrument" in Canada between January 1, 2003 and December 31, 2013 either directly or indirectly through an intermediary, and/or purchased or otherwise participated in an investment or equity fund, mutual fund, hedge fund, pension fund or any other investment vehicle that entered into an "FX Instrument".

An "FX Instrument" includes FX spot transactions, outright forwards, FX swaps, FX options, FX futures contracts, options on FX futures contracts, and other instruments traded in the FX market in Canada or on a Canadian exchange.

Can I join the class action?

There are no steps required to "join" the class action. Unless you opt-out (exclude yourself from the class action), assuming you fall within the scope of the class definition, you are automatically included in the class action.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep records of any Canadian purchases or sales of FX Instruments between January 1, 2003 and December 31, 2013.
  2. Click here to register to receive updates about the class action.

How will counsel keep me updated on the progress of the case?

If the lawsuit is certified as a class action, you will receive a formal notice from the court explaining the nature of the case and providing you with the opportunity to opt out if you wish. General information about the lawsuit will be posted online at www.forexclassaction.ca.

I still have a question. Who should I contact?

If you have a question, please contact us here.


Statement of Claim

Press Release

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Class Counsel

The action is brought together with the law firms of Sotos LLP, Koskie Minsky LLP and Siskinds LLP.

For more information, please contact:

Louis Sokolov at lsokolov@sotosllp.com or 416.572.7316

Garth Myers at gmyers@kmlaw.ca or 416.595.2102

Alex Dimson at alex.dimson@siskinds.com or 1-800-461-6161 ext. 4396

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