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Class Action Suit Filed On Behalf Of Indirect Purchasers Of Foreign Currencies And Other Investments That Required The Exchange Of Foreign Currency

Posted: February 9, 2017
Practice Areas: Antitrust

Berger & Montague, P.C., McCulley McCluer PLLC, Peiffer Rosca Wolf Abdullah Carr & Kane LLP, and Schneider Wallace Cottrell Konecky Wotkyns LLP have filed a class action lawsuit on behalf of indirect purchasers of foreign currencies and other investments that required the exchange of foreign currency (FX).

This proposed indirect purchaser class action applies to people in numerous states, including Arizona, California, Florida, Illinois, Massachusetts, Minnesota, New York, and North Carolina. The proposed indirect purchaser classes include individuals and entities in those states who, between 2007 and 2013:

  • Exchanged U.S. dollars for foreign currency with a regional bank or credit union;
  • Banked with a regional bank or credit union and used their debit card abroad or issued foreign wire transfers;
  • Traded stocks on a foreign exchange;
  • Maintained 30.7 accounts and traded foreign futures, options, or commodities; or
  • Purchased other foreign currency-related investments from a party other than one of the Defendants

The indirect purchaser plaintiffs allege that beginning as early as 2007 and continuing through at least 2013, some of the world's largest banks conspired with each other to fix prices and manipulate benchmark exchange rates in the FX market. These benchmark FX rates are used industry-wide in many different financial instruments and FX exchange transactions. By fixing FX rates, these banks increased their profits and decreased the value of their customers' FX transactions.

The defendant banks include Bank of America, Bank of Tokyo-Mitsubishi, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, RBC, RBS, Societe Generale, Standard Chartered, and UBS. This class action seeks to recover damages against those Defendants for alleged violations of the antitrust and consumer protection laws of numerous states.

These allegations have been the subject of investigations by multiple U.S., foreign, and international governmental authorities, and the Defendants have already been required to pay over $10 billion in fines to U.S. and European regulators. A related nationwide direct purchaser class action brought against the same Defendants is currently awaiting final approval of settlements totaling over $2 billion.

Anyone interested in joining the indirect purchaser class action or obtaining more information can call Berger & Montague, P.C. at 800-788-9715 or email fx@bm.net.

Since its founding in 1970, Berger & Montague has litigated many of the most significant civil antitrust cases alleging price fixing and monopoly abuse. The firm has also played a principal role in obtaining over one billion dollars in settlements from drug companies alleged to have impeded the entry of generics and artificially inflated drug prices. As a result of its success and the skill, reputation, and experience of the firm's antitrust lawyers, Berger & Montague is routinely appointed by federal courts to serve in leadership roles in complex antitrust class action cases.

McCulley McCluer PLLC is a boutique litigation firm with extensive experience litigating antitrust claims. The firm has been selected by numerous federal courts and co-counsel to serve in leadership positions in some of the largest antitrust class actions in the country. Their attorneys have prosecuted and defended antitrust cases seeking in excess of $1 billion in markets as diverse as pharmaceuticals, truck stops, hospital beds, and electrodes.

Peiffer Rosca Wolf Abdullah Carr & Kane represents businesses and consumers in class action lawsuits against corporations and large financial industry companies around the world that engage in anticompetitive practices such as price fixing, market manipulation, market division, bid rigging, and unfair competition. The firm aggressively prosecutes anticompetitive practices in a wide range of industries, including finance and commodities.

The law firm of Schneider Wallace Cottrell Konecky Wotkyns LLP has handled class action lawsuits against some of the country's largest governmental entities and corporations, including UPS, Sears, FedEx, The University of California, Lawrence Livermore National Laboratory, The San Francisco Unified School District, and others.