Overview

A class action lawsuit seeking $1 billion in damages on behalf of Canadian investors was launched on September 11, 2015 in the Ontario Superior Court of Justice. At the same time, a motion for authorization of a class action was filed in the Quebec Superior Court. Sotos LLP is one of three firms representing the plaintiff class. The class actions allege that the defendants, the world’s dominant foreign exchange dealers, conspired to manipulate the prices of currency trades for at least a ten-year period, resulting in billions of dollars in illegal gains.

For more information go to: forexclassaction.ca

Settlements (BARCLAYS, HSBC, RBS, STANDARD CHARTERED, BTMU AND SOCGEN)

The Ontario court has certified this action for settlement purposes against six additional groups of defendants:

  • Barclays Bank PLC, Barclays Capital Inc. and Barclays Capital Canada Inc. (collectively, “Barclays”);
  • HSBC Holdings PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA, N.A., HSBC Bank Canada (collectively, “HSBC”);
  • The Royal Bank of Scotland Group plc, RBS Securities Inc., The Royal Bank of Scotland N.V., and The Royal Bank of Scotland plc. (collectively, “RBS”);
  • Standard Chartered plc (“Standard Chartered”);
  • The Bank of Tokyo Mitsubishi UFJ, Ltd., Bank of Tokyo- Mitsubishi UFJ (Canada) (collectively, “BTMU”); and
  • Société Générale S.A., Société Générale (Canada) and Société Générale (collectively, “SocGen”).

The Ontario court has approved notices of certification for settlement purposes which, among other things, explain what the class action is about and the options for anyone who objects to the settlements reached with Barclays, HSBC, RBS, Standard Chartered, BTMU and SocGen. The motion to approve these settlements, and class counsel’s request for reimbursement of its disbursements in Ontario is scheduled for September 18, 2017 and in Quebec on September 22, 2017.  Please click here (English, French) to review the notices.

Settlements (Goldman Sachs, JPMorgan and Citi)

The Ontario court has certified this action for settlement purposes against three additional groups of defendants:

  • The Goldman Sachs Group, Inc., Goldman, Sachs & Co., Goldman Sachs Canada Inc. (collectively, “Goldman Sachs”);
  • JPMorgan Chase & Co., J.P. Morgan Bank Canada, J.P. Morgan Canada, JPMorgan Chase Bank National Association (collectively, “JPMorgan”); and
  • Citigroup Inc., Citibank, N.A., Citibank Canada, and Citigroup Global Markets Canada Inc. (collectively, “CITI”).

The Ontario court has approved a notice of certification for settlement purposes which, among other things, explains what the class action is about and the options for anyone who objects to the settlements reached with Goldman Sachs, JPMorgan and CITI. The motion to approve these settlements, and class counsel’s request for fees, in Ontario is scheduled for April 13, 2017 and in Quebec on May 2, 2017.

 

Settlements (UBS, BNP and BANK OF AMERICA)

The Ontario court has certified this action for settlement purposes against the following defendants:

  • UBS AG, UBS Securities LLC and UBS Bank (Canada) (collectively, “UBS”);
  • BNP Paribas Group, BNP Paribas North America, Inc., BNP Paribas (Canada), and BNP Paribas (collectively, “BNP”); and
  • Bank of America Corporation, Bank of America, N.A., Bank of America Canada, and Bank of America National Association (collectively “Bank of America”).

The Ontario court has approved a notice of certification for settlement purposes which, among other things, explains what the class action is about and the options for anyone who does not want to participate in the class action or who wants to participate but objects to the settlements reached with UBS, BNP and/or Bank of America. The motion to approve the UBS, BNP and Bank of America settlements, and class counsel’s request for fees, in Ontario is scheduled for November 9, 2016 and in Quebec on November 15, 2016.

Documents

 

Pleadings

 

Press Releases

Case Contacts

David Sterns
t: 416.977.5229
f: 416.977.0717
e: dsterns@sotosllp.com

Louis Sokolov
t: 416.572.7316
f: 416.977.0717
e: lsokolov@sotosllp.com

Andy Seretis
t: 416.572.7312
f: 416.977.0717
e: aseretis@sotosllp.com

Sabrina Callaway
t: 416.572.7311
f: 416.977.0717
e: scallaway@sotosllp.com