Notice of Distribution in Canadian FX Price-Fixing Class Action

TORONTO and QUEBEC CITY, Jan. 14, 2019 (GLOBE NEWSWIRE) -- The following statement is being issued by Sotos LLP, Koskie Minsky LLP, Siskinds LLP, Camp Fiorante Matthews Mogerman LLP and Siskinds Desmeules, s.e.n.c.r.l. (“Class Counsel”) regarding the Canadian FX Price-Fixing Class Action.

You may be able to receive money from class action settlements

WHAT IS A CLASS ACTION?

A class action is a lawsuit filed by one person on behalf of a large group of people with the same concerns.

WHAT IS THIS CLASS ACTION ABOUT?

This 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 foreign exchange or foreign currency market (the “FX Market”).

It is alleged that beginning at least as early as 2003 and continuing through 2013, the defendants conspired with each other to fix, raise, maintain, stabilize, control, or enhance unreasonably prices in the FX Market.

Settlements totalling CDN$106.7 million have been reached with UBS, BNP Paribas, Bank of America, Goldman Sachs, JPMorgan Chase, Citigroup, Barclays, HSBC, Royal Bank of Scotland, Standard Chartered, Bank of Tokyo-Mitsubishi UFJ, and Société Générale. The settlements have received court approval in Ontario and in Québec.

The settlements are a compromise of disputed claims and are not admissions of liability.

AM I ELIGIBLE TO RECEIVE MONEY

You may be eligible to receive money if you are a person in Canada who, between January 1, 2003 and December 31, 2013, entered into an FX Instrument 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 (“Class Members”).

Certain people connected to the Defendants are excluded from eligibility.

HOW MUCH MONEY WILL I RECEIVE?

The settlement funds (plus any costs awards and accrued interest and less approved fees and expenses) are available for distribution to eligible claimants.

Payments will be distributed according to a Distribution Protocol approved by the Courts.

The value of your claim for the purpose of determining your share of the settlement funds will be calculated with reference to the quantum and circumstance of your investment or transaction in the FX market. The Distribution Protocol contemplates two streams of Claimants: (a) Direct Claimants, who entered into FX Instruments directly with financial institutions, or entered into an FX Trade with an FX Dealer; and (b) Indirect Claimants, who entered into an FX Instrument indirectly through an intermediary. A Class Member’s compensation will be adjusted with reference to the type of financial instrument transacted, and the time period of their transaction.

WHAT PROOF DO I NEED?

Direct Claimants must submit their transaction records to the Claims Administrator.

Indirect Claimants must submit documents demonstrating their holdings of Investment Vehicles available in Canada that entered into FX Instruments. The Claims Administrator will establish a list of Investment Vehicles eligible to participate in the Claims Process.

Visit www.canadianfxnationalclassaction.ca for more information.

HOW DO I APPLY TO RECEIVE A PAYMENT?

Applications can be submitted online at www.canadianfxnationalclassaction.ca. If you do not have internet access, call the Claims Administrator at (800) 375-9070.

WHAT IS THE DEADLINE FOR APPLYING TO RECEIVE PAYMENTS?

Claims must be made no later than August 19, 2019.

WHEN WILL I RECEIVE MY MONEY?

Accurate processing takes time. Please check www.canadianfxnationalclassaction.ca for regular updates.

WHO AM I REPRESENTED BY?

You are represented by: Siskinds LLP (London, ON), Sotos LLP (Toronto, ON), Koskie Minsky LLP (Toronto, ON), Camp Fiorante Matthews Mogerman LLP (Vancouver, BC) and Siskinds, Desmeules s.e.n.c.r.l. (Quebec City, QC).

Questions? Visit www.canadianfxnationalclassaction.ca, email info@canadianfxnationalclassaction.ca, or call (800) 375-9070

Source: Siskinds LLP, Sotos LLP, Koskie Minsky LLP, Camp Fiorante Matthews Mogerman LLP and Siskinds, Desmeules s.e.n.c.r.l.  

CONTACT INFORMATION:
                    
                    Daniel Bach
                    Siskinds LLP
                    Tel: (416) 594-4376
                    daniel.bach@siskinds.com
                    
                    Kirk Baert
                    Koskie Minsky LLP
                    Tel: (416) 595-2092
                    kmbaert@kmlaw.ca
                    
                    Louis Sokolov
                    Sotos LLP
                    Tel: (416) 572-7316
                    lsokolov@sotosllp.com
                    
                    David Jones
                    Camp Fiorante Matthews Mogerman LLP
                    Tel: (604) 331-9528
                    djones@cfmlawyers.ca