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Toronto office advised CITIBANK CANADA on price-fixing class actions

May 2017 Client: CITIBANK CANADA

We have been retained by Citi to defend price-fixing class actions filed in the Ontario Superior Court of Justice and the Quebec Superior Court in September 2016 in which numerous other financial institutions are named as defendants. The plaintiffs allege that the defendants conspired to fix the prices and supply of currency purchased in the foreign exchange (FX) market, and that this manipulation caused purchasers of FX to pay inflated rates for currency and/or to receive deflated rates for currency.  The plaintiffs assert claims for breaches of the Canadian Competition Act, civil conspiracy, unjust enrichment and waiver of tort.

Analysis of the claim and formulation of a settlement strategy, resulting in the negotiation of settlement on favourable terms.

The Ontario claim is for $1.05 billion CAD; the Quebec claim is for $100 million CAD.