Foreign exchange cartel class action

For the moment, we ask that group members retain and not destroy (and ask any third parties/ custodians who may hold such records to retain and not destroy) any FX transaction data and records that they have for the period 1 January 2008 to 15 October 2013.

Where is the class action up to?

On 27 May 2019 Maurice Blackburn issued the Australian Foreign Exchange Cartel Class Action in the Federal Court of Australia.

The Applicant filed its amended claim documents on 19 November 2021 and the Respondent banks filed their defences on 25 March 2022.

The Applicant has subsequently received substantial discovery of documents and transaction data from the Respondent banks. 

The parties attended mediation of this proceeding on 4 and 5 December 2024 and the mediation has been adjourned to resume at a later date.

On Friday 6 December 2024, there was a case management hearing before Beach J in the Federal Court, whereby the Court set down a timetable for the parties to advance towards trial.

About this class action

Maurice Blackburn has brought the class action against UBS AG, Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank N.A. and Natwest Markets PLC (formerly The Royal Bank of Scotland PLC) in relation to alleged illegal cartel conduct in the foreign exchange market in the period 1 January 2008 to 15 October 2013.

It is alleged that the respondent banks engaged in cartel conduct in respect of that trading that had the effect of artificially influencing the prices at which FX Instruments were traded in the Relevant Period, and that this caused financial loss to the group members.

Specifically, it is alleged that:

• the respondent banks reached arrangements or understandings between themselves (and certain other entities) to co-operate in relation to trading in FX Instruments by sharing non-public information about, and co-ordinating, their trading in FX Instruments or the prices at which FX Instruments were offered; and
• this conduct had the purpose or effect, or likely effect, of fixing, controlling or maintaining the prices at which FX Instruments were offered, causing loss to the Applicant and group members.

The Applicant alleges that the respondent banks, among other things, shared information on customer order type, customer order attributes (including as to size, direction, identity and customer type), planned trading activities and customer spreads and co-ordinated trading in advance of customer orders to move the price of the relevant currency to their advantage.

The respondent banks deny those allegations and are defending the proceedings.

The alleged cartel conduct has been the subject of extensive regulatory and private enforcement action, including class actions in the United States of America and Canada. Settlements in the United States and Canadian class actions have so far resulted in the payment of over USD $2.3 billion and CAD $107 million, respectively.