By Lawdragon News | August 13, 2015 | Press Releases
WASHINGTON, Aug. 13, 2015 (GLOBE NEWSWIRE) -- Hausfeld, a global claimants' law firm dedicated to handling complex litigation, announced today that the plaintiffs in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.), have reached settlements totaling more than $2 billion with Bank of America, Barclays, BNP Paribas, Citi, Goldman Sachs, HSBC, JPMorgan, RBS, and UBS. The completion of these settlements were announced in open court this afternoon; the settlements are expected to be submitted for preliminary
approval in the near future.
In addition to the billions of dollars in compensation, these settling banks have agreed to cooperate with investors in their continuing litigation against the twelve remaining defendants: Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Securities (USA) LLC, Deutsche Bank AG, Deutsche Bank Securities Inc., Morgan Stanley, Morgan Stanley & Co., LLC, Morgan Stanley & Co. International plc, Bank of Tokyo-Mitsubishi UFJ Ltd., RBC Capital Markets, LLC, Societe Generale
S.A., and Standard Chartered plc. Several of these defendants were added to the action in an amended complaint filed on July 16, 2015 reflecting additional facts unearthed through Hausfeld's investigation to date.
Michael D. Hausfeld, Chairman of Hausfeld praised the settlements: "As a result of lengthy, hard-fought negotiations, we have obtained historic recoveries on behalf of U.S. investors. Apart from the monetary component, each defendant has agreed to provide substantial cooperation, which will assist investors in their continued litigation against the non-settling defendants. While the recoveries here are tremendous, they are just the beginning. Investors around the world should take note of the significant recoveries secured in the United States and recognize that these settlements cover a fraction of the world's largest financial market."
Anthony Maton, managing partner at Hausfeld (London) said: "The extent of collusive conduct in the FX market is now clear. US investors will see compensation from these settlements. Others will not. There is no doubt that anyone who traded FX in or through the London or Asian markets - which transact trillions of dollars of business every day - will have suffered significant loss as a result of the actions of the banks. Compensation for these losses will require concerted action in London."
The Foreign Exchange Benchmark Rates Antitrust Litigation alleges that the world's largest financial institutions conspired to manipulate prices paid in the $5.3-trillion-per-day foreign exchange market from 2003 to present. The case is currently pending before Judge Lorna G. Schofield in the Southern District of New York. Hausfeld serves as
plaintiffs' co-lead counsel with Scott + Scott LLP.
Hausfeld attorneys working on the case are Michael D. Hausfeld, William P. Butterfield, Bonny E. Sweeney, Reena A. Gambhir, Timothy S. Kearns, and Nathaniel C. Giddings.
Hausfeld is a leading global law firm with offices in Brussels, London, New York, Philadelphia, San Francisco, and Washington, DC. The firm has a broad range of complex litigation expertise, particularly in antitrust/competition, financial services, sports and entertainment, environmental, mass torts, consumer protection, and human rights matters, often with an international dimension. Hausfeld aims to achieve the best possible results for clients through its practical and commercial approach, avoiding litigation where feasible, yet litigating robustly when necessary. Hausfeld's extensive experience with alternative and innovative fee models offers clients a diverse menu of engagement options and maximum flexibility in terms of managing their cost exposure.
For more information about the firm, including recent trial victories and landmark settlements, please visit: www.hausfeld.com.