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Foreign Currency (FX) Antitrust Indirect Purchaser Class Action Filed

DATE: October 11, 2016

Berger Montague filed a complaint on September 26, 2016, on behalf of proposed nationwide and statewide classes of indirect purchasers of foreign currencies and other investments that required the exchange of foreign currency. Indirect purchasers eligible to participate in the case may include individuals that owned mutual fund shares, exchange-traded fund (“ETF”) units, 30.7 commodities accounts, or other investments that invested in foreign currency or foreign stocks, bonds, or futures and options. Examples include “currency-hedged” ETFs, mutual funds and ETFs that focus investments on foreign stock markets, and mutual funds and ETFs that track one or more foreign currencies.

Plaintiffs allege that beginning as early as 2007 and continuing through at least 2013, Defendants conspired with each other to fix prices and manipulate benchmark exchange rates in the foreign currencies market.  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 billion.

Plaintiffs’ case is pending in the United States District Court for the Southern District of New York against 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. The case is identified as Baker, et al. v. Bank of America Corporation, et al., 16-cv-07512 (S.D.N.Y.).

The national class action law firm, Berger Montague, has offices in Philadelphia and Minneapolis, and consists of 70 attorneys who represent plaintiffs in complex and class action litigation. The firm’s attorneys have a long history of successfully prosecuting high profile antitrust cases, and the firm has played lead roles in major cases for almost 50 years, recovering many billions of dollars for its clients and the classes they represent. On the Web: Affected investors can contact Michael Dell’Angelo at or (215) 875-3080 or Josh Ripley at or 215-875-3093.

Read the full complaint here.

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