Cases / Current Cases

Foreign Exchange (FOREX) Benchmark Rates Antitrust Litigation


Wolf Popper LLP represents named plaintiff the Employees’ Retirement System of Puerto Rico Electric Power Authority in In re Foreign Exchange Benchmark Rates Antitrust Litigation, No. 1:13-cv-7789-LGS (S.D.N.Y.), pending in the United States District Court of the Southern District of New York.  The antitrust class action alleges that some of the world’s major financial institutions conspired to fix the prices of currencies in the foreign exchange (“FX”) or foreign currency market, in violations of Sections 1 and 3 of the Sherman Antitrust Act, 15 U.S.C. §§ 1, 3, and violations of the Commodity Exchange Act, 7 U.S.C. §§ 1 et. seq.  Specifically, beginning at least as early as 2003 and continuing through 2013, defendants conspired with each other to fix prices in the FX market.  Defendants’ conspiracy affected dozens of currency pairs, including the seven pairs with the highest market volume. And due to the importance of spot prices, Defendants’ conspiracy impacted all manner of FX Instruments, including those trading both over-the-counter and on exchanges.


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