Overview
Current Status
On September 3, 2019, the Court issued an order pursuant to Fed. R. Civ. P. 23(c)(4)(A) certifying a litigation class for purposes of trial on two issues: (1) whether a conspiracy existed to widen spreads in the spot market, and (2) if the Credit Suisse (CS) Defendants participated in the conspiracy. The Court’s order is available here.
On November 19, 2020, the Court approved the Notice of Certified Litigation Class. These documents can be found on the Important Documents page. The deadline to opt out of the Litigation Class has passed.
In October 2022, a jury trial was held before Judge Lorna G. Schofield. On October 20, 2022, the jury reached a verdict finding that Plaintiffs proved the existence of a conspiracy to widen, fix, stabilize or maintain bid-ask spreads in the FX spot market. But the jury found that Credit Suisse did not participate in the conspiracy.
On October 24, 2022, the Court entered an Order for Judgment in favor of the Credit Suisse Defendants and against Plaintiffs on their Sherman Act, Section 1 claims in the Third Consolidated Amended Class Action Complaint. (ECF No. 2017)
On March 27, 2023, pursuant to a stipulations between the parties, Plaintiffs filed a Fourth Consolidated Amended Class Action Complaint (“Fourth Amended Complaint”) that dropped all remaining claims not covered by the Court’s October 24, 2022 Order for Judgment (ECF No. 2053).
On March 28, 2023, final judgment is entered in favor of the Credit Suisse Defendants and against Plaintiffs on the Fourth Amended Complaint. (ECF No. 2054).
IF YOU ENTERED INTO AN FX INSTRUMENT BETWEEN DECEMBER 1, 2007 AND DECEMBER 31, 2013, YOU MAY BE AFFECTED BY THE LITIGATION CLASS CERTIFICATION.
PLEASE READ THIS WEBSITE CAREFULLY, AS MEMBERSHIP IN THE LITIGATION CLASS MAY AFFECT YOUR LEGAL RIGHTS AND PROVIDE YOU POTENTIAL BENEFITS. THIS IS NOT INFORMATION OF A LAWSUIT AGAINST YOU.
Overview
The purpose of this website is to inform you of the Certified Litigation Class in the case “In re Foreign Exchange Benchmark Rates Antitrust Litigation,” Case No. 1:13-cv-7789-LGS.
It is important to note that you may have been a member of the Settlement Classes but are not a member of the Litigation Class.
The Settlement Classes included class members who traded fewer than ten times, traded on multi-bank platforms, and who traded FX Exchange-Traded Instruments, such as FX futures and options on FX futures. The class period for the settlements was from January 1, 2003 to December 15, 2015.
The Litigation Class only includes class members who traded ten or more times; traded FX spot, forward, and/or swap transactions; traded through voice or single-bank platforms; and traded in 52 identified currency pairs. Exchange-traded instruments, such as FX futures contracts or options on FX futures, are not included. Transactions in which the class member provided liquidity to the Defendant are not included. Transactions in currencies other than the 52 Affected Currency Pairs are not included. The 52 Affected Currency Pairs can be found on the Frequently Asked Questions page. Transactions that resulted from resting orders are not included. Transactions at benchmark rates are not included. Transactions between a Defendant’s foreign desk and a U.S. domiciliary operating abroad are not included.
Please see the Detailed Notice for additional detail. This website will be updated as additional information becomes available. Please check back periodically for important updates regarding the trial.
What Are Your Options?
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS ACTION | |
| DO NOTHING | You are automatically part of the Litigation Class if you fit the Litigation Class description and did not exclude yourself by February 17, 2021. By remaining in the Litigation Class, you will receive the benefit of any determinations against the CS Defendants on the Threshold Issues to be tried in this Action, but you will be bound by any determinations that the CS Defendants did not violate the federal antitrust laws. The Litigation Class will not receive any monetary recovery as a result of the class trial. If the Threshold Issues are decided in favor of the Litigation Class at trial, then a class member may only recover monetary damages from the CS Defendants if he/she/it brings an individual action. You will not be able to exclude yourself from any future class settlements. |