Australian Foreign Exchange FX Cartel (BENCHMARK)

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PENDING

Australian Foreign Exchange FX Cartel (BENCHMARK)

SETTLEMENT FUND: TBD

FILING DEADLINE: TBD

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CASE NUMBER:

TBD

CLASS PERIOD:

January 1, 2006 – June 30, 2011

  • icon-non-settling-defendant

    NON-SETTLING DEFENDANTS

    Barclays, Citibank, JP Morgan Chase & Company, Royal Bank of Scotland, UBS

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    ELIGIBLE CLASS

    All persons or entities, during January 1, 2008 and October 15, 2013, that engaged in foreign exchange transactions:

    1. Which were arranged in Australia, either because you were located in Australia (either directly or indirectly through an agent) or because the bank or financial institution that you arranged them through was located in Australia; and
    2. The total value of your transactions in the affected currencies during this period exceeded AUD $500,000.
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    PROPOSED INSTRUMENTS

    Spot and forward FX Transactions within the class period.

    Impacted Currencies:

    Australian dollar (AUD)

    Brazilian real (BRL)

    British pound (GBP)

    Canadian dollar (CAD)

    Chinese yuan (CNY)

    Czech koruna (CZK)

    Euro (EUR)

    Hong Kong dollar (HKD)

    Hungarian forint (HUF)

    Indian rupee (INR)

    Indonesian rupiah (IDR)

    Israeli shekel (ILS)

    Japanese yen (JPY)

    Malaysian ringgits (MYR)

    Mexican peso (MXN)

    New Zealand dollar (NZD)

    Norwegian krone (NOK)

    Polish zloty (PLN)

    Romanian leu (RON)

    Russian ruble (RUB)

    Singapore dollar (SGD)

    South African rand (ZAR)

    South Korean won (KRW)

    Swedish krona (SEK)

    Swiss Franc (CHF)

    Taiwan dollar (TWD)

    Thai baht (THB)

    Turkish lira (TRY)

    U.S. dollar (USD)

  • icon-allegations

    Preliminary Allegations

    The law firm’s complaint alleges that the cartel caused losses to FX customers in Australia by artificially increasing the cost of buying certain currencies and artificially decreasing the price received when selling certain currencies.

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    Case Summary

    Class action filed by Maurice Blackburn that alleges illegal cartel conduct in the FX market from January 1, 2008 to October 15, 2013.

    Registration Deadline: 10/18/19 – soft deadline; law firm is currently looking to identify claims eligible clients and total notational. No data needed yet.

    According to the Law firm’s website, the complaint alleges that for affected currencies this resulted in the manipulation of:

    1. Foreign exchange benchmark rates;
    2. The pricing of “spreads”, which is the difference between the price at which given currencies can be bought and the price at which they can be sold on the foreign exchange market; and
    3. The triggering of client stop loss orders and limit orders and other manipulative conduct.

Case Updates

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  • icon-company-profile

    BRIEF COMPANY PROFILE

    Country: Australian

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