These settlements with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS, and UBS recover more than $2 billion for the plaintiff class.
Michael D. Hausfeld, Chairman of Hausfeld, stated: “Today’s preliminary approval order represents a huge step forward for FX market participants that were harmed by the defendants’ cartel. We will continue to vigorously litigate this case against the non-settling defendants, and we are confident that the substantial cooperation provided by the settling defendants – much of which will be triggered by the order – will be instrumental in securing additional compensation for US investors.”
Anthony Maton, managing partner at Hausfeld (London) said: “US investors are moving closer to being compensated for the banks’ FX misconduct. For European, Asian, or other non-US investors, these settlements speak to the breadth of misconduct in the FX market. Concerted action in London – which Hausfeld is pursuing – represents the best opportunity for such investors to recover the losses suffered as a result of the banks’ misbehavior.”
The Foreign Exchange Benchmark Rates Antitrust Litigation alleges that the world’s largest financial institutions conspired to manipulate prices paid in the $5.3-trillion-per-day foreign exchange market from 2003 to present. The case is currently pending before Judge Lorna G. Schofield in the United States District Court for the Southern District of New York. Hausfeld serves as plaintiffs’ co-lead counsel in the case with Scott + Scott LLP.
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Hausfeld is a leading global law firm with offices in Berlin, Brussels, London, New York, Philadelphia, San Francisco, and Washington, DC. The firm has a broad range of complex litigation expertise, particularly in antitrust/competition, financial services, sports and entertainment, environmental, mass torts, consumer protection, and human rights matters, often with an international dimension. Hausfeld aims to achieve the best possible results for clients through its practical and commercial approach, avoiding litigation where feasible, yet litigating robustly when necessary. Hausfeld’s extensive experience with alternative and innovative fee models offers clients a diverse menu of engagement options and maximum flexibility in terms of managing their cost exposure. Hausfeld is the only claimants’ firm to be ranked by the Legal 500 and Chambers & Partners as a top tier firm in private enforcement of antitrust/competition law in both the United States and the United Kingdom.
For more information about the firm, including recent trial victories and landmark settlements, please visit: www.hausfeld.com.