Cases & Investigations

Foreign Currency (FX) Exchange Rate Lawsuit


Berger Montague represents proposed nationwide and statewide classes of Indirect Purchasers of foreign currencies and other investments that required the exchange of foreign currency (“FX”). Many of these Indirect Purchasers have FX trading accounts.

About the case

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.

A copy of the complaint is available here.

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
  • UBS

These allegations have been the subject of investigations by multiple U.S., foreign, and international governmental authorities, as well as a nationwide direct purchaser class action that is currently awaiting final approval of settlements totaling over $2.3 billion.

Lead Attorneys

Michael Dell'Angelo Headshot

Michael C. Dell'Angelo

Managing Shareholder


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