Monday, June 22, 2015

ForEx Settlements Nearing $12 Billion

Settlements are coming out in droves for the alleged manipulation of foreign exchange benchmark rates since either 2008 or 2009 (depending on the settlement).  

These have primarily been concentrated on settlements with or fines imposed by regulatory bodies in the US and Europe, in two sets of November 2014 and May 2015*.  But private litigation settlements are growing too, fast approaching the $2 billion mark. 

Importantly, the civil proceedings may yet be in their earlier stages, as other class actions have since been filed, with those new plaintiffs** arguing that they would not fall within the scope of the existing behemoth, In re Foreign Exchange Benchmark Rates Antitrust Litigation Case No. 1:13-cv-07789-LGS (S.D.N.Y.).

We'll keep you posted.  And as always, help us out if you think we're missing anything!  ~PF2

* For more on this, visit our prior commentary at

** See for example Taylor et al v. Bank of America et al, 15-cv-1350 (S.D.N.Y)

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