The statements below are Sotos LLP’s account of this case. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted.
Latest update
October 13, 2025: The administration has taken longer than expected. Payments to qualifying class members are expected to be made in late 2025/early 2026. April 19, 2024 : It is expected that settlement administration will be completed within the next 2-3 months, and that payments will go out shortly thereafter. September 8, 2022: The settlement is currently being administered. Further details can be found at https://www.canadianfxnationalclassaction.ca September 27, 2021: The settlement approval and fees motions were heard on September 23, 2021 in Ontario and the Court approved the settlements. The Quebec Court will hear the settlement approval motions on October 19, 2021 at 9:00 a.m. Pending approval of the Quebec Court payouts are expected to occur in mid-2022. Once these settlement motions are approved the class action will be fully settled against all Defendants. Please click here to read the Decision of Justice J. Perell. August 23, 2021: Settlements have been reached with the following defendants, totaling approximately $23.8 million: Toronto Dominion Bank, TD Bank, N.A., TD Group Holdings, LLC, TD Bank USA, N.A., and TD Securities Limited (CDN$4,500,000); Royal Bank of Canada and RBC Capital Markets LLC (CDN$6,556,000); Credit Suisse Group AG, Credit Suisse Securities (USA) LLC, Credit Suisse AG, Credit Suisse Securities (Canada), Inc. (CDN$5,560,000); and Deutsche Bank AG (USD$7,220,000) Motions to approve the settlements will be heard by video conference in Ontario on September 23, 2021 at 10:00 a.m. and in Quebec on October 19, 2021 at 9:00 a.m. The Ontario and Quebec Courts approved a method for disseminating the settlement funds achieved pursuant to previous settlements (the “Distribution Protocol”). The deadline to apply for settlement benefits expired on January 15, 2020. The Claims Administrator is currently processing claims. Class Counsel propose to distribute the settlement funds pursuant to the Distribution Protocol. No further claims period is being contemplated.
Source: Sotos LLP
About This Case
A class action lawsuit seeking $1 billion in damages on behalf of Canadian investors was launched on September 11, 2015 in the Ontario Superior Court of Justice. At the same time, a motion for authorization of a class action was filed in the Quebec Superior Court. Sotos LLP is one of three firms representing the plaintiff class. The class actions allege that the defendants, the world’s dominant foreign exchange dealers, conspired to manipulate the prices of currency trades for at least a ten-year period, resulting in billions of dollars in illegal gains.
Source: Sotos LLP
Frequently Asked Questions
What is a class action?
A class action is a special form of lawsuit in which one plaintiff brings a claim against one or more defendants based on allegations which are common to a group, or class, of people. In order for the action to become a class action, it must proceed through a stage known as “certification”.
Source: Sotos LLP
Disclaimer: This information is sourced from Sotos LLP. It is provided for general information only and does not constitute legal advice. Always verify details with the original source before taking any action.
Legal disclaimer: Information on this page is general in nature and does not constitute legal advice. ClaimBar tracks class action settlements and provides updates. Always seek professional legal advice for your specific circumstances.
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