Hausfeld announces U.S. settlements worth $234.5 million in the FX antitrust litigation
Related Lawyers: Anthony Maton, Reena A. Gambhir
Related Practice Areas: Antitrust / Competition, Commercial and Financial Services Litigation
Hausfeld is pleased to announce plaintiffs have reached a settlement with UBS AG, UBS Group AG, and UBS Securities LLC. (“UBS”) in the U.S. Forex case - In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.). Under the terms of the U.S. settlement, UBS will pay $135 million in cash. The settlement with UBS comes only weeks after the plaintiffs announced a $99.5 million settlement with JPMorgan and after the court overseeing the litigation denied the defendants’ motion to dismiss.
The Foreign Exchange (“FX”) market is the largest financial market in the world, with a daily average turnover of $5.3 trillion, 40% of which takes place in London. An important part of the FX market derives from the financial activities of investment vehicles seeking to protect themselves from unwanted movements in the FX market by hedging their positions through FX‐based derivatives and repatriate global currency holdings through FX spot trading.
For more information, please see Hausfeld's latest FX briefing or click here.