$23.6 Million Settlement for Forex-Rigging Secures Praise from Judge
Schneider Wallace represents a class of investors against Bank of America, Barclays, JPMorgan Chase and other banks. The investor’s complaint alleges traders colluded to manipulate the foreign exchange market, holding secret meetings and using code words in online chats to coordinate the volume and timing of trades. The coordination was alleged to move exchange rates to more favorable rates for the banks.
Schneider Wallace secured a $23.6 million class-action settlement with more than a dozen banks. In approving the settlement, U.S. District Judge Lorna G. Schofield praised the settlement attorneys, stating:
“I’m not sure I’ve ever seen a case without a single objection or opt-out, so congratulations on that”.
The settlement benefits eight classes of investors affected by forex-rigging in Arizona, California, Florida, Illinois, Massachusetts, Minnesota, New York and North Carolina. The claims allege these investors were harmed by the collusion and that the banks failed to maintain safeguards to protect the manipulation or spot the collusion.
The settlement was preliminarily approved in July by Judge Schofield. The deadline to exclude yourself or object was Thursday October 15, 2020, and the Fairness Hearing in which Judge Schofield noted there were no objections occurred on Thursday, November 19, 2020.
The settlement covers entities and individuals who transacted or purchased foreign currency instruments from Defendants between December 1, 2007 and July 17, 2020, for entities and individuals who resided in NY, AZ, CA, FL, IL, MA, MN or NC at the time of the transaction.
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Schneider Wallace is a class action law firm handling complex cases of collusion or fraud. If you have questions about class action lawsuits or think that you may have a potential class action claim, we encourage you to contact our California, Texas, North Carolina or Puerto Rico offices to speak with one of our attorneys.
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