Kehoe Law Firm Client FX Primus Ltd. Files Class Action Against Various Financial Institutions Alleging Price Fixing in Foreign Currency Instruments

Kehoe Law Firm client FX Primus Ltd. has filed a class action lawsuit in the United States District Court for the Southern District of New York against several financial institutions. The case alleges that the defendants engaged in a conspiracy to fix prices in the foreign exchange (FX) market, violating various state laws. 

The plaintiffs assert that the defendants participated in a coordinated effort to fix prices of foreign currency instruments, including FX spot transactions, forwards, swaps, futures, options, and other FX-related transactions. The alleged violations spanned across multiple state laws, including the Arizona Antitrust Act, California Cartwright Act, California’s Unfair Competition Law, Florida Deceptive and Unfair Trade Practices Act, Illinois Antitrust Act, Massachusetts Consumer Protection Law, Minnesota Antitrust Law, New York Donnelly Act, and North Carolina Unfair Trade Practice Act. 

John A. Kehoe, Partner at Kehoe Law Firm, expressed support for the allegations, stating, “Plaintiffs have presented compelling allegations of a widespread conspiracy to manipulate FX markets, causing financial harm to investors. Our firm is committed to seeking justice for those who have suffered as a result of these alleged actions.”

According to the plaintiffs, the conspiracy began around December 1, 2007, and involved various tactics, such as fixing FX bid-ask spreads and benchmark FX rates, including the WM/Reuters Fixes and the ECB Fixes. The defendants are accused of using electronic communication, including chat rooms, to coordinate trades, share confidential information, and monitor transactions to ensure compliance with the alleged conspiracy. The complaint also alleges the use of code names, code words, and deliberate misspellings to evade detection. 

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.