FOREX Benchmark Rates Settlement

Foreign Exchange Benchmark Rates Antitrust Litigation, No 13-07789

Settlement Fund:            $2,310,275,000
Settlement Period:          January 1, 2003 – December 15, 2015
Claim Filing Deadline:     May 16, 2018

Settling Defendant(s):
Bank of America, Barclays, BNP Paris, Citigroup, Goldman Sachs, HSBC, JPMorgan, RBS, UBS, Morgan Stanley, RBC, Societe Generale, Standard Chartered, Bank of Tokyo-Mitsubishi, Deutsche Bank

Remaining Defendant(s):
Credit Suisse


It is alleged that several of the world’s largest banks have conspired to fix prices in the FX market and participated in ‘collusive and manipulative conduct’. Plaintiffs allege that this manipulation caused Class Members to pay supra-competitive prices for FX instruments. Defendants are accused of using the following methods of manipulation:

  • Conspiring to widen bid-ask spreads:
    • Defendants discussed and agreed to fix bid-ask spreads via private chat rooms
    • The conspiracy is said to have reduced competition and artificially increased bid-ask spreads, resulting in class members paying more for currencies they purchased and receiving less for currencies they sold
  • Conspiring to rig FX Benchmark Rates:
    • Defendants shared confidential information regarding client orders, trading positions, and trading strategies via private methods of communication in an effort to advantageously fix daily benchmark rates
  • Other methods:
    • ‘Banging the close’, triggering clients’ stop-loss and limit orders, working client limit orders at levels better than the limit order price, and front-running customer orders throughout the trading day


Eligible Class Members include all organizations, entities or persons in the U.S. or its territories who, between January 1, 2003 and December 15, 2015 fall into one or both of the following categories:

  1. Direct Settlement Class: Entered into one or more FX Instruments directly with a defendant, released party, direct or indirect parent,subsidiary, or a division of a defendant, or co-conspirator.
    • Instruments Include: FX spot transactions, forwards, swaps, futures, options, and any other FX instrument or FX transaction that the trading or settlement value of which is related in any way to FX rates.
  2. Exchange-Only Settlement Class: Entered into one or more FX Exchange-Traded Instruments on a U.S. exchange.
    • Exchange-Based Instruments Include: Any and all FX instruments that were listed for trading through an exchange, including, but not limited to, FX futures and options on FX futures.

If you qualify as both a member of the (1) Direct and (2) Exchange-Only Settlement Class, you will be considered a member of the (1) Direct Settlement Class. The amount of your payment does not depend on which class you are a member of as members of both classes will be treated equally.

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