FOREX Settlement on Hold, But for a Good Reason

Friday April 21st 2017

The Foreign Exchange Benchmark Rates Antitrust Litigation settlement claims process was supposed to begin this past winter, but its currently on hold thanks to ongoing settlement discussions with the remaining seven defendants. So rather than see this delay as a disappointment, we at Chicago Clearing Corporation (CCC) prefer to take a glass-half-full approach. More settling defendants, potentially? A bigger pot than an already huge $2 billion, possibly? There are certainly worse reasons for cases to drag on!

If you wish to revisit the basics of the settlement, our recent blog post can be found here. It provides a thorough yet concise explanation of who has, so far, settled, how the class breaks down, how the claim form will be partially filled out when it arrives, and why you may want an audit of your prepared claim.

If you would like to talk to one of our antitrust experts, then please gives us a call today. Our team is ready to talk FOREX right now. We are also ready to talk LIBOR, Interest Rates Swaps, Last-Look, BARX, ISDAfix—or any of the hundreds of antitrust and securities class actions we file in every year.

One thing we are not ready to talk about the Blackhawks getting swept, which only happened last night. Some topics are just too painful, and we’d appreciate a little space during this difficult time.


Tags
2 Billion FOREX Settlement Paused Due to Settlemen

More happenings from the Claims Filing World


ITC Holdings Settlement Seeks Proxy History

Friday July 21st 2017

Case: ITC Holdings
Fund: $...

FOREX Update: Schedule for Notice and Claim Process Announced, At Last

Friday June 9th 2017

At long last the Foreign Exchange Benchmark Rates Antitrust Litigation, aka the FOREX settlement, has a settlement notice plan back in place. As you may recall, the parties were supposed to begin s...


FOREX Settlement on Hold, But for a Good Reason

Friday April 21st 2017

The Foreign Exchange Benchmark Rates Antitrust Litigation settlement claims process was supposed to begin this past winter, but its currently on hold thanks to ongoing settlemen...


$2 Billion FOREX Antitrust Settlement Looms. Here is a Summary.

Monday January 9th 2017

UPDATE: Due to ongoing settlement discussions with non-settling defendants, the mailing of the settlement notice and claim forms has been postponed. Chicago Clearing Corporat...


New $175 Million Settlement Fund Adds to Recovery for BP Investors

Thursday December 1st 2016

On June 2, 2016, BP announced that it had settled a securities class action suit for $175 million over its role in the Deepwater Horizon disaster. This pool combined with the $525 million SEC Fair ...


Pfizer Settles Securities Suit Related to Celebrex and Bextra Drugs for $486 Million

Wednesday October 12th 2016

Chicago Clearing Corporation (CCC) is now preparing to file for our 1400 clients in the new $486 million Pfizer settlement. Because of the lengthy litigation for this case—first filed in 2004...


$95 Million Amgen Settlement Ends Nearly a Decade of Litigation

Tuesday September 6th 2016

In April of 2007, shareholders filed a suit against Amgen, Inc. Typically a securities class action takes about two and a half years to settle or otherwise resolve, but this case took over nine yea...


BP Fair Fund Offers Relief to Investors Affected by Gulf Oil Spill

Wednesday May 4th 2016

On April 20, 2010, the Deepwater Horizon oil rig exploded and sank in the Gulf of Mexico. 11 people were killed and nearly 5 million gallons of oil leaked into the Gulf. The leak was not cappe...


If you traded Credit Default Swaps between 2008 and 2015, Chicago Clearing Corporation can help you.

Wednesday April 27th 2016

The CDS Antitrust Litigation made headlines recently when the $1.86 billion settlement agreement was granted final approval. With the claim-filing deadline less than one month, Chica...


Chicago Clearing Corporation Assists Investors in Antitrust Litigations

Wednesday April 20th 2016

Securities class actions are consistent, numerous, dependable, and often predictable. Antitrust class actions are less so in each category. However, antitrust litigations have recently been&nb...


$1 Billion Merck Settlement 11 Years in the Making

Thursday March 24th 2016

The Merck Vioxx settlement has finally arrived, and it's what we call a mega-settlement: $1.062 billion.

(Tedious parenthetical: I note in passing that the settlement n...


Fiduciary Rule Nearing Finish Line as Opposition Still Aim For Spokes

Thursday February 25th 2016

President Obama's long-awaited changes to fiduciary standard for brokers and other advisers are looming. The goal has been to raise the standards for brokers to act “in their c...


2016 Already a Busy Year for Securities Class Actions

Wednesday February 24th 2016

As of this very moment—1:18 PM on a snowy February 24, 2016—Chicago Clearing Corporation is preparing to file claims for our clients in 42 different upcoming settlement funds. Consideri...


Securities Class Actions in 2015 An Uptick in an Already Strong Industry

Tuesday January 26th 2016

Securities class actions continue to thrive—or, depending on your point of view, pile up. The jury is still out on whether the steady stream of cases is a half-full or half-empty matter&...


Class Actions Survive Pick-Off Challenge and the Supreme Court

Monday January 25th 2016

In October we wrote about a very interesting case before the Supreme Court, Campbell-Ewald Co. v Gomez. Jose Gomez received an unsolicited text message advertising the US Navy. The sender ...


First Half of 2016 Expected to Bring New Fiduciary Rule

Tuesday January 19th 2016

 

(For our first piece on the topic, cli...


Securities Class Actions Continue to Affect All Industries

Tuesday January 19th 2016

2016 is starting out with a slew of new funds. The most notable among them are the General Motors settlement for $300 million and Goldman Sachs MBS settlement...


US Invasion: UK Class Actions Will Soon Look American

Friday November 6th 2015

Till now securities class actions in the UK have been like NFL games in the UK: sure, they happen, but it’s a special event more notable for novelty than anything else. The Consumer Rights Ac...


New Fiduciary Standards Mean New Hassles, and New Opportunities

Thursday October 29th 2015

There is a Level-Three Brouhaha going down in the financial world over fiduciary rules proposed by the Department of Labor. The new rules would raise the standards for brokers to act “in thei...


Securities Suits Expected to Weather Class Action Decline

Friday October 16th 2015


The Paradox of the Lead Plaintiff

Thursday October 15th 2015

Yesterday the Supreme Court tackled a very interesting class action question: Does a case become moot when the plaintiff receives an offer of complete relief on his claim? That is, if the defendant...


MGM Mirage Settlement is a Sure Bet for Investors with Eligible Purchases

Wednesday October 14th 2015

MGM Mirage has settled a securities lawsuit for $75 million. The arrival of this settlement has inspired us to wax philosophic on the differences between gambling and investing.

Gambling ...


A Brief History of Securities Class Actions

Friday October 9th 2015

To understand the securities class action world that we all, for better or for worse, must now live in, we need to step back to examine the history of securities class actions.

The Securi...


Settlement Rumors Swirl around Petrobras Scandal

Friday August 28th 2015

(Guest blog post by Jennifer Kwon, Intern with the Chicago Clearing Research Team)

Brazil's Petrobras corruption scandal has garnered a lot of attention in the U.S., and with goo...


JP Morgan Settles RMBS Settlement for $388 Million

Thursday August 20th 2015

It’s 2015. Unemployment is at 5.3%, the Dow is 3000 points higher than the pre-Great Recession high, and we are again using spare cash as insulation. Thanks to the return of such happy times,...


$100 Million HP Settlement, Claims Due on October 31, 2015

Tuesday August 18th 2015

In a development that investors are describing as “Spooktacular” and “Boooo-tiful,” a new Hewlett-Packard settlement has arrived. Now, I don’t want t...


MF Global Settlements Top $200 Million

Monday August 17th 2015

MF Global is back in the news, as litigation stemming from its collapse has resulted in four new settlement funds worth over $200 million. As you may recall, the commodities brokerage firm col...


Bank of New York Mellon Settles Forex Litigation for $180 Million

Thursday August 13th 2015

In another tale of corporate malfeasance leading (thought not necessarily directly! (see below)) to 9-digit settlements, BNY Mellon has settled a securities class action related to charges tha...


In Wake of Scandal in Brazil, Petrobras Faces Securities Litigation in the US

Wednesday August 5th 2015

There is a suit underway in the Southern District of New York against Petroleo Brasileirio SA, commonly known as Petrobras. With accusations of massive bribery, political cronyism on an epic scale,...


$400 Million Pfizer Settlement Looms, But There Is No Need to Panic!

Friday July 24th 2015

We are less than a week away from the deadline for the $400 million Pfizer securities litigation. Claim forms are due on Thursday, July 30. Pfizer is a widely held stock that only {let’s sum ...


New Facebook Settlement! (Unfortunately, it's not the one you are waiting for)

Thursday July 16th 2015

One of the most-watched securities cases in recent years has been the Facebook IPO litigation. I'm sure it rings a bell. It was not just the biggest IPO in tech industry history with a market cap o...


Two More Nine Digit Settlements Sprint Nextel and the JPMorgan Chase Fair Fund

Thursday January 26th 2017

This summer will be a busy time for our claim filing team, as well as for back offices througout the investment world. Between today and Labor Day, the total pool for settlements totals $1.987 bill...


Three New Settlements Raise Pool by $1.2 Billion

Monday March 23rd 2015

Among the eight new settlements this week are three in the 9-digit range. They are the RALI MBS Litigation for $335 million, the Bear Stearns Mortgage Pass-Through Certificates Litigation for $500 ...


Starr v. The United States of America Update

Wednesday May 27th 2015

One of the most interesting cases that we have ever tracked at CCC is Starr v. The United States of America. Former AIG chairman Maurice “Hank” Greenberg, with the help of tria...


Chicago Clearing Corporation to Visit Grand Cayman, and Pay Cash for Securities Settlement Claims

Monday April 20th 2015

CHICAGO -  April 20, 2015 9:40 AM

Chicago Clearing Corporation, (CCC), the securities class action settlement recovery specialist, will be visiting clients in Grand Cayman from April...


Bear Stearns Mortgage Pass-Through Certificates Litigation Settles for $500 Million

Friday July 24th 2015

The latest crisis coming from the credit crisis of 2008 is the Bear Stearns Mortgage-Pass Through Certificates Litigation. At $500 million, this case is the third highest upcoming settlement fund o...


RALI MBS Litigation Settles for $335 Million

Tuesday March 17th 2015

In the Southern District of New York, a pair of settlements have emerged from Case No. 08-cv-8781 (KPF). You may know it as New Jersey Carpenters Health Fund, et al., v. Residential Capital, LLC, e...


Chicago Clearing Corporation and Advent Geneva Announce Partnership

Wednesday January 21st 2015

Citigroup SEC Settlement Approved, At Long Last

Monday August 11th 2014

There’s been a vigorous, even angry debate in the Southern District of New York over the Securities and Exchange Commission’s $285 million settlement with Citigroup. Judge Jed Rakoff re...


Class Actions After Halliburton: The Experts Weigh In (As Best They Can)

Friday June 27th 2014

On Monday the Supreme Court issued its decision in Halliburton v. Erica P. John Fund.  Halliburton was seeking to reshape (or really destroy) the securities class action process in th...


Supremes on Halliburton: Tougher for Plaintiff Class, but Precedent Stands

Monday June 23rd 2014

Today the Supreme Court denied Halliburton’s attempt to overturn 26 years of securities class action law, while at the same time made it more difficult to certify a class. The unanimous decis...