Foreign Exchange Antitrust Litigation
U.S. District Court for the Southern District of New York
Case No. 1:13-cv-7789-LGS

Frequently Asked Questions

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BASIC INFORMATION

1. What is a class action lawsuit?

A class action is a lawsuit in which one or more representative plaintiffs bring a lawsuit on behalf of themselves and other similarly situated persons (i.e., a class) who have similar claims against the defendants. The representative plaintiffs, the Court, and counsel appointed to represent the class all have a responsibility to make sure that the interests of all class members are adequately represented.

In this class action lawsuit, the class has been certified only as to specific issues (referred to as “Threshold Issues”), which will be decided at trial on your behalf unless you exclude yourself. Members of the Litigation Class will not receive any monetary recovery as a result of the trial. If the Threshold Issues are decided in favor of the Litigation Class at trial, then a class member may only recover monetary damages from the CS Defendants if he/she/it brings an individual action.

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2. Why did I get the Notice?

You received this Notice because you requested it or records indicate that you may be a member of the Litigation Class. As a potential member of the Litigation Class, you have a right to know about the Litigation Class. This Notice explains the Action, the Litigation Class, and your legal rights.

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3. What is this Action about?

Class Plaintiffs allege that Defendants conspired to fix prices in the FX market in violation of Sections 1 and 3 of the Sherman Antitrust Act, 15 U.S.C. §§ 1, 3. Class Plaintiffs allege that this conduct was carried out through a number of different means.

As described in the Third Consolidated Amended Class Action Complaint (“Complaint”), spreads are the difference between the rate at which a Defendant indicated it would buy a currency and the rate at which a Defendant would sell a currency. Class Plaintiffs allege that Defendants discussed and agreed upon spreads through communications in chat rooms and other means. The alleged conspiracy to fix spreads is alleged to have reduced competition in the FX market and artificially increased the spread, with the result that Defendants bought currency at a lower price than they would have absent the alleged conspiracy, sold currency at a higher price than they would have absent the alleged conspiracy, and quoted less competitive spreads than they would have absent the alleged collusion.

You may obtain more information regarding the specific allegations in this Action by reviewing the Complaint.

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4. What is the difference between the Litigation Class and the Settlement Class?

The Settlement Class was broader than the Litigation Class and applied for settlements approved on August 6, 2018. Litigation Class Members include persons who, between December 1, 2007 and December 31, 2013, entered into a total of 10 or more FX spot, forward, and/or swap trades directly with a Defendant in the Affected Currency Pairs via voice or on a single-bank platform where Defendants provided liquidity, and such Persons were either domiciled in the United States or, if domiciled outside the United States, traded in the United States.

The timeframe of eligible trades for the Settlement Class was between 2003 and 2015 and included more FX market transactions than are eligible in the Litigation Class.

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5. Who are the Defendants in this case?

There are two groups of Defendants in the Foreign Exchange Benchmark Rates Antitrust Litigation.

The Defendants going to trial are Credit Suisse Group AG, Credit Suisse AG, and Credit Suisse Securities (USA) LLC.

The Settling Defendants in the Foreign Exchange Benchmark Rates Antitrust Litigation are Bank of America Corporation, Bank of America, N.A., and Merrill Lynch, Pierce, Fenner & Smith Incorporated; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Barclays Bank PLC and Barclays Capital Inc.; BNP Paribas Group, BNP Paribas North America Inc., BNP Paribas Securities Corp., and BNP Prime Brokerage, Inc.; Citigroup Inc., Citibank, N.A., Citicorp, and Citigroup Global Markets Inc.; Deutsche Bank AG and Deutsche Bank Securities Inc.; The Goldman Sachs Group, Inc. and Goldman Sachs & Co.; HSBC Holdings PLC, HSBC Bank PLC, HSBC North America Holdings Inc., HSBC Bank USA, N.A., and HSBC Securities (USA) Inc.; JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A.; Morgan Stanley, Morgan Stanley & Co., LLC, and Morgan Stanley & Co., International PLC; RBC Capital Markets LLC; The Royal Bank of Scotland Group PLC, The Royal Bank of Scotland PLC, and RBS Securities Inc.; Société Générale; Standard Chartered Bank; and UBS AG, UBS Group AG, and UBS Securities LLC.

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INCLUSION IN THE LITIGATION CLASS

6. How do I know if I am a Class Member?

In the Court’s Class Certification Order, the Court certified a Litigation Class comprised of:

All Persons who, between December 1, 2007 and December 31, 2013 [the “Class Period”] entered into a total of 10 or more FX spot, forward, and/or swap trades directly with one or more Defendants in the 52 Affected Currency Pairs via voice or on a single-bank platform, where Defendants provided liquidity [“Eligible Trading”] and such Persons were either domiciled in the United States or its territories, or if domiciled outside the United States or its territories, traded in the United States or its territories.

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7. What is the geographic scope of the Litigation Class?

If you engaged in Eligible Trading and are domiciled in the United States (or its territories), then you are a member of the Litigation Class. However, to the extent U.S.-domiciled persons transacted abroad, including through non-U.S. domiciled subsidiaries, affiliates, or other foreign legal entities, such transactions were not traded in the United States under the Court’s Class Certification Order, and if you transacted exclusively in this way, then you are not a member of the Litigation Class.

If you engaged in Eligible Trading and are domiciled outside of the United States (or its territories), then you are a member of the Litigation Class only if ten or more of your eligible FX spot, forward, and/or swap transactions were traded in the United States.

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8. What currency pairs are included?

The following currency pairs, defined as the “Affected Currency Pairs,” are included in the Litigation Class:

  1. CURRENCY PAIR (SYMBOLS) - CURRENCY PAIR
  1. AUD/CAD - Australia Dollar/Canada Dollar
  2. AUD/JPY - Australia Dollar/Japan Yen
  3. AUD/NZD - Australia Dollar/New Zealand Dollar
  4. AUD/USD - Australia Dollar/United States Dollar
  5. CAD/CHF - Canada Dollar/Switzerland Franc
  6. CAD/JPY - Canada Dollar/Japan Yen
  7. CHF/JPY - Switzerland Franc/Japan Yen
  8. EUR/AUD - Euro/Australia Dollar
  9. EUR/CAD - Euro/Canada Dollar
  10. EUR/CHF - Euro/Switzerland Franc
  11. EUR/CZK - Euro/Czech Republic Koruna
  12. EUR/DKK - Euro/Denmark Krone
  13. EUR/GBP - Euro/Great Britain Pound
  14. EUR/HUF - Euro/Hungary Forint
  15. EUR/ILS - Euro/Israel Shekel
  16. EUR/JPY - Euro/Japan Yen
  17. EUR/NOK - Euro/ Norway Kroner
  18. EUR/NZD - Euro/New Zealand Dollar
  19. EUR/PLN - Euro/Poland Zloty
  20. EUR/RON - Euro/Romania Leu
  21. EUR/RUB - Euro/Russia Ruble
  22. EUR/SEK - Euro/ Sweden Krona
  23. EUR/TRY - Euro/Turkey Lira
  24. EUR/USD - Euro/United States Dollar
  25. EUR/ZAR - Euro/South Africa Rand
  26. GBP/AUD - Great Britain Pound/Australia Dollar
  27. GBP/CAD - Great Britain Pound/Canada Dollar
  28. GBP/CHF - Great Britain Pound/Switzerland Franc
  29. GBP/JPY - Great Britain Pound/Japan Yen
  30. GBP/NZD - Great Britain Pound/New Zealand Dollar
  31. GBP/USD - Great Britain Pound/United States Dollar
  32. NZD/JPY - New Zealand Dollar/Japan Yen
  33. NZD/USD - New Zealand Dollar/United States Dollar
  34. USD/CAD - United States Dollar/Canada Dollar
  35. USD/CHF - United States Dollar/Switzerland Franc
  36. USD/CNH - United States Dollar/China Yuan
  37. USD/CZK - United States Dollar/Czech Republic Koruna
  38. USD/DKK - United States Dollar/ Denmark Krone
  39. USD/HKD - United States Dollar/Hong Kong Dollar
  40. USD/HUF - United States Dollar/Hungary Forint
  41. USD/ILS - United States Dollar/Israel Shekel
  42. USD/INR - United States Dollar/India Rupee
  43. USD/JPY - United States Dollar/Japan Yen
  44. USD/MXN - United States Dollar/Mexico Peso
  45. USD/NOK - United States Dollar/ Norway Kroner
  46. USD/PLN - United States Dollar/Poland Zloty
  47. USD/RON - United States Dollar/Romania Leu
  48. USD/RUB - United States Dollar/Russia Ruble
  49. USD/SEK - United States Dollar/Sweden Kroner
  50. USD/SGD - United States Dollar/Singapore Dollar
  51. USD/TRY - United States Dollar/Turkey Lira
  52. USD/ZAR - United States Dollar/South Africa Rand

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9. What types of transactions are included?

FX spot, forward, and/or swap transactions are included if they occurred through voice trading or on a single-bank platform. Examples of single-bank platforms include Barx, PrimeTrade, Neo, Velocity, and Autobahn. Trades conducted over multi-bank platforms are not included. Examples of multi-bank platforms include EBS, Reuters, Hotspot, and Currenex.

Exchange-traded instruments, such as FX futures contracts or options on FX futures, are not included. Transactions in which the class member provided liquidity to the Defendant are not included. Transactions in currencies other than the 52 Affected Currency Pairs are not included. Transactions that resulted from resting orders are not included. Transactions at benchmark rates are not included. Transactions between a Defendant’s foreign desk and a U.S. domiciliary operating abroad are not included.

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10. I’m still not sure if I am included.

If you are still not sure whether you are included, you can ask for free help. You can call toll-free 1-888-582-2289 (if calling from outside the United States or Canada, call 1-330-333-7253).

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EXCLUDING YOURSELF FROM THE SETTLEMENTS

11. What if I do not want to be in the Litigation class?

If you are a member of the Litigation Class, do not want to remain in the Litigation Class, and do not want to be bound by any Court rulings regarding the Threshold Issues, then you must take steps to exclude yourself from the Litigation Class. This is also sometimes referred to as “opting out” of a class.

If you act to exclude yourself from the Litigation Class, you may seek to pursue separate litigation against the CS Defendants on your own. In any separate litigation between you and the CS Defendants, neither you nor the CS Defendants will be bound by any rulings of the Court regarding the Threshold Issues. Furthermore, if any future class settlements with the CS Defendants are reached, you will not receive any money. Class Counsel will no longer represent you with respect to any claims against the CS Defendants.

If you have a pending lawsuit against any of the Defendants involving the same legal issues as in this Action, speak to your lawyer immediately. You must exclude yourself from the Litigation Class or else you will be bound by any rulings of the Court regarding the Threshold Issues.

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12. How do I exclude myself?

You can exclude yourself by sending a written “Request for Exclusion” to the Notice Administrator. A Request for Exclusion must: (i) be in writing; (ii) be signed by the person (defined as the individual or entity holding the claim) or his, her, or its authorized representative; (iii) state the name, address, and phone number of that person; and (iv) include a signed statement that “I/we hereby request that I/we be excluded from the certified Litigation Class in the In re Foreign Exchange Benchmark Rates Antitrust Litigation” or the substantive equivalent.

You cannot exclude yourself by telephone or email. You must do so in writing by mail. To be valid, your Request for Exclusion must be mailed to the following address and postmarked by February 17, 2021:

In re Foreign Exchange Benchmark Rates Antitrust Litigation c/o Epiq Global P.O. Box 10239 Dublin, OH 43017-5739

A Request for Exclusion that does not include all of the foregoing information, does not contain the proper signature, is sent to an address other than the one designated above, or is not sent within the time specified will be deemed invalid and the person(s) filing such an invalid request will remain a member of the Litigation Class and will be bound by any rulings of the Court regarding the Threshold Issues.

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13. If I exclude myself, can I sue Settling Defendants?

No, the prior settlements provided Settling Defendants with a release of claims. You can only sue the Settling Defendants if you opted out of the Settlement Classes by February 7, 2018. If you did not opt out by that date, then you cannot sue the Settling Defendants because you are bound by the Final Judgments entered in the Action on August 6, 2018

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14. If I exclude myself, can I get money from future class settlements?

No. If you exclude yourself, you are no longer a member of the Litigation Class and may not participate in any future class settlements.

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15. If I do not exclude myself, can I sue the CS Defendants for the same thing later?

No. If you do not exclude yourself, you are a member of the Litigation Class and will be bound by any decisions ordered for the class as a whole, including any rulings on the Threshold Issues or any future class settlements. If you do not exclude yourself from the Litigation Class you will not be able to exclude yourself if any future class settlements are reached with the CS Defendants on behalf of the Litigation Class.

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TRIAL INFORMATION

16. What is being decided at trial?

The only issues that will be decided at trial on your behalf are: (1) the existence of a conspiracy and (2) the CS Defendants’ participation in the conspiracy (the “Threshold Issues”). The Litigation Class will not receive any monetary recovery as a result of the trial. If at the trial the Threshold Issues are decided in the Litigation Class’s favor, then a class member may only recover monetary damages from the CS Defendants if he/she/it brings an individual action.

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17. When is the trial?

The date and location of the trial have not yet been set. The CS Defendants intend to move the Court to enter summary judgment against Class Plaintiffs before trial. If the Court grants the CS Defendants’ motion, this Action will be resolved in their favor. If the Court denies their motion, the case will proceed to trial to decide the Threshold Issues. The date and location of the trail have not yet been set. Information about the trial will be posted on the Important Dates page.

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18. Do I have to go to the trial?

No. Class Counsel will represent the Litigation Class at trial. You and/or your own lawyer may attend at your own expense.

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19. Will I get money after the trial?

No. If after trial on the Threshold Issues, the CS Defendants are found to have participated in the conspiracy, as a member of the Litigation Class, you will not have to prove these issues of liability if you later decide to file your own lawsuit seeking to prove that the CS Defendants are responsible for economic harm you may have suffered as a result of the unlawful conduct.

You will be solely responsible for pursuing any such lawsuit and with the assistance of a lawyer of your own choosing. If you would like legal representation on individual issues, such as pursuing a lawsuit for monetary damages, you may ask Class Counsel to represent you individually. You may also hire your own lawyer.

Any class member wishing to pursue a claim for damages should consult a lawyer to prevent a claim for damages from being barred forever under the applicable statutes of limitations.

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THE LAWYERS REPRESENTING YOU

20. Do I have a lawyer in this case?

The Court has appointed the lawyers listed below to represent you for the Threshold Issues trial in this Action:

Christopher M. Burke Scott+Scott, Attorneys at Law, LLP 600 W. Broadway Suite 3300 San Diego, CA 92101 Telephone: 619-233-4565 cburke@scott-scott.com

Michael D. Hausfeld Hausfeld LLP 888 16th Street N.W. Suite 300 Washington, DC 20006 Telephone: 202-540-7200 mhausfeld@hausfeld.com

These lawyers are called Class Counsel. If you would like legal representation on individual issues, such as pursuing a lawsuit for monetary damages if there is a favorable decision on the Threshold Issues, you may ask Class Counsel to represent you individually. You may also hire your own lawyer.

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21. How will the lawyers be paid?

If you remain in the Litigation Class, you will not owe money to Class Counsel for attorneys’ fees or expenses related to the Threshold Issues trial. However, if the Litigation Class prevails at trial, the case settles, or if the CS Defendants ultimately pay money to Litigation Class members who proceed to file individual lawsuits for damages, then Class Counsel may ask the Court to award them attorneys’ fees and expenses that would be paid directly from the CS Defendants or taken out of any funds paid by the CS Defendants to Litigation Class members.

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GETTING MORE INFORMATION

22. How do I get more information?

This Notice summarizes the Litigation Class and the status of the Action. More details are in the Court’s Class Certification Order, which is available for your review on the Important Documents page. You may also call toll-free 1-888-582-2289 (if calling from outside the United States or Canada, call 1-330-333-7253) or write to the Notice Administrator at:

In re Foreign Exchange Benchmark Rates Antitrust Litigation c/o Epiq Global P.O. Box 10239 Dublin, OH 43017-5739

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