Foreign Currency (FX) Exchange Rate Lawsuit

PRACTICE AREAS: Antitrust CASE STATUS: Pending

Berger Montague represents proposed nationwide and statewide classes of Indirect Purchasers of foreign currencies and other investments that required the exchange of foreign currency (“FX”). Many of these Indirect Purchasers have FX trading accounts.

About the case

The Indirect Purchaser Plaintiffs allege that beginning as early as 2007 and continuing through at least 2013, some of the world’s largest banks conspired with each other to fix prices and manipulate benchmark exchange rates in the FX market. These benchmark FX rates are used industry-wide in many different financial instruments and FX exchange transactions. By fixing FX rates, these banks increased their profits and decreased the value of their customers’ FX transactions.

A copy of the complaint is available here.

The Defendant banks include:

Bank of America

Bank of Tokyo-Mitsubishi

Barclays

BNP Paribas

Citigroup

Credit Suisse

Deutsche Bank

Goldman Sachs

HSBC

JPMorgan

Morgan Stanley

RBC

RBS

Societe Generale

Standard Chartered

UBS

These allegations have been the subject of investigations by multiple U.S., foreign, and international governmental authorities, as well as a nationwide direct purchaser class action that is currently awaiting final approval of settlements totaling over $2.3 billion.