Indirect FX

For questions regarding access to hearings, you may refer to the Court's general orders and public notices available on www.mad.uscourts.gov or contact media@mad.uscourts.gov The Court held a Final Approval Hearing at 2:00 p.m. on November 2, 2016, before the Hon. Mark L. Wolf, at the United States District Court for the District of Massachusetts,... John Joseph Moakley United States Courthouse, Courtroom 10, 1 Courthouse Way, Boston, Massachusetts 02210. At the hearing, the Hon. Mark L. Wolf approved the Class Settlement as fair, reasonable and adequate. The Court also approved the motions for attorneys fees, litigation expenses, Service Awards for Plaintiffs, and the proposed Plan of Allocation. Additional Proceedings After November 2, 2016 After the final approval hearing was held, and the settlement and request for attorneys fees and expenses were approved, Lead Counsel notified the court of certain inadvertent errors in the motion for fees and expenses previously submitted to the court. On March 8, 2017, the court appointed a special master to review the original fee and expense application and to issue a report and recommendation. The special master's report and recommendation was issued on June 28, 2018. On February 27, 2020, the court issued a decision that modified the special master's report and recommendation. All filings with the court concerning these additional proceedings are available using the Court Documents link on the left. What is this case about? The Class Actions were commenced in 2011 and 2012 by the filing of three class action complaints. In the Class Actions, Plaintiffs allege, among other things, that Defendants charged custody and trust customers of SSBT excessive rates and spreads in connection with Indirect FX Transactions between January 2, 1998 and December 31, 2009. Plaintiffs allege that by employing this unfair and deceptive practice, Defendants earned higher spreads on Indirect FX Transactions than they should have. Further, Plaintiffs allege that Defendants failed to ...Read More